Breads and spreads producer Goodman Fielder Limited (ASX:GFF) says high milk and wheat costs have contributed to pushing the company to an interim loss of $64.8 million.
The food manufacturer’s net profit tumbled 227 per cent in the first half of the 2014 financial year. Goodman Fielder says the result was hit by a $97.3 million impairment charge against the goodwill, brand assets and tangible assets held for sale.
Net profit after tax from continuing operations saw a smaller decline, falling 9 per cent to $30.1 million in the half year.
Looking ahead Goodman Fielder expects a significant earnings improvement in second half and has forecast steady normalised earnings over the full year.
An interim dividend of 1 cent per share has been declared.
