Australian firm Patties Foods said it remains “committed” to driving earnings growth, despite seeing its profits fall in the first half of the year.

In the six months to the end of June, net profit dropped to A$4.8m (US$4.3m) from A$19.5m a year earlier. Earnings were affected by an impairment charge of A$11.8m against its frozen fruit intangible assets.

The company began a strategic review of its frozen food unit in June, which it said is continuing.

EBITDA in the period fell 12.2% to A$34m. Sales climbed 3.8% to A$244.8m.

Patties chairman, Mark Smith said: “Market conditions remain difficult and for the first time in four years, we have reported a decline in earnings. Whilst we are in a period of challenging retail trading conditions, we remain committed to driving earnings growth from our underlying earnings in FY13 and building shareholder value.”

Click here to view the full earnings release.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.