Agribusiness Goodman Fielder Profit Down 9 Per Cent To $30.1 million

Goodman Fielder has posted a 9 per cent fall in profit to $30.1 million despite a 5 per cent rise in revenue.

The half-year results were blamed on “challenging business conditions”, including rising commodity costs and a high Australian dollar.

The agribusiness saw improvements in Baking, Dressings and Mayonnaise, and Fiji Poultry.

However, this was offset by a record increase in farmgate milk price, increased wheat prices and increased costs to maintain customer service as manufacturing facilities were upgraded.

CEO Chris Delaney said the company continued to make progress on its strategy to improve its core businesses.

However, the impact of sharply increased commodity costs and higher logistics costs to maintain customer service levels had impacted earnings in the short term.

“We had to deal with the impact of rising commodity costs which, as we had previously advised, has impacted earnings in the six-month period,” Delaney said.

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