The move to a new corporate HQ has weighed on first-half earnings at Tasty Baking, the US company has reported.
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The Philadelphia-based firm, which is moving to a newly constructed bakery and a “green” corporate headquarters, posted a dip in net profit for the six months to the end of June.
Earnings reached US$1.8m, down 13% on the year, due to depreciation of assets at its Philadelphia bakery. Net sales, however, rose over 3% to $88.1m.
President and CEO Charles Pizzi said: “We are pleased with the progress we are making on our initiative to move to new facilities. We are focused on balancing our everyday business needs with the requirements of a project of this scope and magnitude. While we look forward to the opportunities a new manufacturing facility will present, we recognise the importance of, and remain committed to, delivering solid results throughout the process.”
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