Australia’s largest dried fruit manufacturer has posted profits of A7m (US$5.35m) before tax, up from the loss of A$700,000 reported by Sunbeam Foods last year.

Through the sale of assets, reduced stock and improved cash management, the company has reduced debt by A$30m.

However, chief executive Richard Findlay said Sunbeam’s performance was still unsatisfactory.

“This is a business that turns over A$225m and it really represents about a 3% return to sales, which is quite unsatisfactory for a business that carries a lot of commodity exchange and agricultural risk,” he said.