Goodman Fielder: posts massive growth in profit

Macquarie Park / AU. (gfl) Goodman Fielder Limited has posted a rise revenue and net profit and says the outlook for the current financial year is encouraging. The trans-Tasman operator said net profit for the year ended June 30 was 177,1 million AUD up from 27,7 million AUD in the prior corresponding period, helped by significant items. Revenue increased 6,5 percent over the prior financial year to 2’848 million AUD and earnings before interest, tax, depreciation and amortisation also rose 1,2 percent to 375 million AUD. Goodman Fielder said its Home Ingredients division posted a 25 percent increase in sales revenue, driven primarily by the company´s entry into the biscuit market. The Asia/Pacific business has experienced strong growth during the 2008/2009 financial year with a 33 percent increase in EBITDA. In New Zealand, the company´s Fresh Dairy and Meats business performed creditably with an increase in EBITDA for the year to 43,6 million AUD despite a difficult first half with record high raw milk costs. The company said its Commercial edible fats and oils business, which it is considering divesting, experienced soft market conditions with a resulting loss of sales volume.