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NZ food ingredients company reports strong profit

26-Nov-2001

New Zealand food ingredients company Cedenco Foods Ltd on Monday reported a net profit after tax of NZ$4.2 million (1.96 million euros) for the year to September 30.



The profit was up on the NZ$2.4 million(1.12 million euros) profit recorded for the previous year and well above the company's earlier forecast of a NZ$3.8 million (1.77 million euros) profit, Cedenco said in a statement.



The increased revenue was largely because of a new frozen foods plant in Gisborne, chairman Basil Logan said.



"This, as well as increased vegetable powder sales, and a significantly improved result from the Australian tomato processing business; were the main drivers of the increased earnings for the Group," he said.



No dividend was declared but the matter would be reviewed closer to the company's annual meeting, Logan added.



Shares in Cedenco, which is majority controlled by California's SK Foods, last traded up 10 cents on Monday at NZ$2.35 (1.09 euros) - their highest level since May 1994.



SK Foods bought its 54 per cent holding from Singapore based Brierley Investments and privately owned Mangatu Investments.

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