Australia’s largest food manufacturer Goodman Fielder posted an 8.3% fall in net profit for its 2010 financial year on the back of AU$22m (US$19.44m) in non-recurring costs.
The manufacturer of Meadow Lea, Pampas and Wonder White said that if the costs were excluded, net profits would have reached AU$183.5m, an 11.2% increase.
Revenue fell 6.6% for the year down to AU$2.66bn which it attributed to cost volatility in the first half and adverse currency exchange rates.
EBITDA was up 3.3% despite being impacted by the non-recurring costs. The strength of the Australian dollar adversely impacted returns from both its Asia Pacific and New Zealand businesses, by AU$15m for the year.
The company is forecasting mid to high single digit percentage growth over its 2010 normalised result.