Breads and spreads maker Goodman Fielder says it will take a A$300 million non-cash impairment charge on its baking division in its 2010-11 results, and has downgraded profit guidance for the year.
The impairment followed weak trading in baking, the company said, and after earlier action to restore profitability had proven "inadequate".
Goodman Fielder said initiatives taken since April had not been enough to restore profitability.
