Restructuring costs and foreign exchange losses have hit half-year profits at Australia-based food manufacturer Goodman Fielder.
The company filed net profit after tax of A$21.5m (US$23.1m) for the six months to the end of December, down 76.9% on the year.
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Costs linked to Goodman Fielder’s revamp and losses on currency hit the company’s bottom line, although its operating profit also fell.
Goodman Fielder reported a 36.6% drop in EBIT to A$114.3m, pointing to low consumer confidence, heavy discounting and a “resurgence” in own label in Australia.
“While the result is disappointing, normalised EBITDA is in line with the market’s expectations for the half,” CEO Chris Delaney said. EBITDA was down 30% at A$148.1m.
Revenue was down 3.7% at A$1.3bn.
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