Profits climb for Australian food ingredients company

- Last updated on GMT

Related tags: Generally accepted accounting principles, United states

Australian food ingredients producer Burns Philp & Co. said on
Wednesday that fiscal first half profit climbed 16.7 per cent to
A$67.8 million (€39.9m) as the company trimmed costs and boosted
earnings from some offshore operations, according to a Dow Jones
report this week.

Australian food ingredients producer Burns Philp & Co. said on Wednesday that fiscal first half profit climbed 16.7 per cent to A$67.8 million (€39.9m) as the company trimmed costs and boosted earnings from some offshore operations, according to a Dow Jones report this week.

Sales for the six months ended Dec. 31, 2001, climbed to A$786.9 million (€463.5 m) from A$746.6 million (€439.8 m) a year before, matching the company's previous forecasts.

"The improvement has been driven by cost reduction initiatives, including plant consolidation, improved margins in certain regions, and continued growth in China, India and Vietnam,"​ the company said in a statement to the Australian Stock Exchange.

The company's performance in North America also improved, helped by "plant consolidation which led to lower production costs."

In a statement earlier this week the company said that Chief Executive Tom Degnan will move to the U.S. this month, where the majority of the group's assets are located.

"The group had a satisfactory performance for the period under review and we expect to achieve forecast for the financial year,"​ the company added.

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