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Transtasman food company Goodman Fielder says its first half profit is likely to fall 15 per cent, due to the impact of higher commodity costs.
"We anticipate that our first half profit results will be around 15 per cent lower than the prior corresponding period due to time lags in the recovery of an additional A$100 million ($118 million) of increased commodity costs and the impact of increased private label volumes," chairman Max Ould said.
"In the second half however we will start to see the benefit of retreating commodity pricing and we expect the company to exit the year in a solid position".
