Big fall in profit for Goodman Fielder

LAURA WALTERS
Last updated 12:27 12/02/2014

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Listed food producer Goodman Fielder has reported a A$64.8 million ($70.4m) loss for the half year to December 31.

The result is down nearly 230 per cent, due to the cost of selling off a number of its subsidiaries in an effort to focus on its core businesses.

However, the company's operating revenue increased by 4.8 per cent to A$1.1 billion for the six months.

New Zealand shareholders of the dual NZX and ASX-listed company would receive a non-imputed interim dividend of 1 cent per share, to be paid on April 10, the company said.

Goodman Fielder said the loss reflected the impact of impairment and restructuring costs associated with its business sales.

Last month the company announced it was selling its New Zealand meat business to Hellers, and its pizza business to Mommas frozen products for up to $17m.

In December Goodman Fielder sold its biscuit business in Australia, and in November it issued an earnings downgrade for its dairy business.

Goodman Fielder shares were trading down 1.4 per cent to 70 cents this morning.

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- Fairfax Media

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