KEY POINTS:
SYDNEY - Australian food company Goodman Fielder said yesterday acquisitions boosted its full-year net profit, and added it was well positioned for profit growth in the year ahead.
Goodman, whose brands include Meadow Lea margarine, said net profit including one-off items for the 12 months to June 30 was A$243.2 million ($283 million), up from A$197.5 million in the previous year.
The company only listed in December 2005 after it was spun off by Burns, Philp & Co.
Net profit attributable to members was down 38 per cent from the previous year at A$239.8 million.
Burns Philp, controlled by New Zealand's richest man Graeme Hart, is still Goodman's largest shareholder with a 20 per cent stake.
Describing the result as "solid", Goodman said it had seen particularly strong performances in its fresh baking and commercial divisions, but a weak first-half performance in New Zealand held back its home ingredients division.
Goodman made a number of acquisitions over the period, including the Copperpot dips, yoghurt and pate business, and River Mill Bakeries in New Zealand.
Its shares were down A$1.50 yesterday at A$2.44.
- Reuters
