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.

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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.

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