Supermarkets take bite out of Goodman profit

 In Australia, NewZealand

Goodman Fielder has reported a doubling in its statutory net profit nafter tax for the first half of 2012-13, to $35 million, after booking ngains from the sale of its Integro fats and oils division to Graincorp, nbut normalised earnings fell 4 per cent.

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Australia’s largest breadmaker, which is mid-way through a nturnaround and faces headwinds from intense discounting by major nsupermarkets, reported a 9 per cent revenue drop to $1.2 billion and a n17 per cent drop in normalised earnings before interest and tax, to n$95.3 million. Sydney Morning Hearld – Read more.

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