Food and dairy manufacturer Goodman Fielder Ltd
(ASX:GFF) has lifted its profit for the first half of fiscal 2010 by 24.9%.
The company posted a half-year profit of $90.3 million, up from $72.3 million in the previous corresponding period, attributable to substantial efficiency improvements in manufacturing and logistics performance.
The strength of the company’s ongoing cash generation capability is reflected in an operating cash flow of $117.5 million and cash realisation of 98%, demonstrating the company’s continuing improvement of earnings quality.
Despite the strong result, revenue for the period was down 7.5% to $1.37 billion, due to the impact of lower agricultural commodity costs passed on in product pricing and the strong Aussie dollar.
The company says it expects to continue to perform solidly into the second half of the financial year.
Goodman Fielder declared a dividend of 10.5 cents for fiscal 2009.
