Australian food group reports profit slump
23.6 percent slump in full year net profit to A$37.7 million, in
line with forecasts.
Australian food group George Weston Foods Ltd on Friday posted a 23.6 percent slump in full year net profit to A$37.7 million, in line with forecasts. George Weston said its outlook remained uncertain with trading conditions expected to remain competitive. "Management will continue to invest in the profitable operations while reviewing those that are not delivering the returns that we demand," George Weston chief executive officer Marvin Weinman said in a statement. Profits for the year ending July 31, 2001, were impacted by higher costs and lost productivity in some operations despite a company-wide business improvement programme. The company declared a final fully franked dividend of 9.5 cents. George Weston shares, which were untraded on Friday, closed the previous session at A$5.25.
