Australian baker and biscuit maker George Weston Foods Ltd has warned of a worse-than-expected full-year profit of A$37m (US$18.9m) for 2000-2001.
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CEO Marvin Weinman revealed late last Friday that deteriorating trading conditions and increased competition have meant that operating profit for the full year to 30 June is now likely to be down 24% on last year’s figure of A$49.3m after-tax.
In a statement to the Australian Stock Exchange, Weinman said: “Delays in the recovery of higher input costs [wheat, meat and fuel for example] and difficult trading conditions in a volatile environment have continued to adversely impact the company’s trading performance as stated in previous announcements.”
In May, the company warned that full year profits might slide by 12%, to about A$43m.
Weinman also blamed the GST, the low Australian dollar and extra cost increases, including that of insurance premiums, for the company’s financial woes.
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