Australian-based food company Burns Philp has reported net profit of A$3.6m (US$2.5m) for the first quarter to 30 September, compared to $56.8m a year earlier.
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Earnings before interest, taxes, depreciation and amortisation (EBITDA) were $147.5m, compared to $115.8m in the year-ago period.
Revenue rose significantly to $865.5m from $305.4m a year earlier, boosted by the acquisition of Goodman Fielder.
Burns Philp said the group’s performance was in line with expectations and that the businesses purchased as a result of the acquisition of Goodman Fielder performed to plan during the quarter.
“We implemented a number of structural changes with respect to the management of the consumer foods group during the period and continued with the many initiatives aimed at improving the performance of the businesses, both from an economic and market perspective,” the company said.
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By GlobalDataThe company added it was satisfied with the continuing progress at Goodman Fielder and would comment more fully on this at the end of 2003.
