Burns posts strong earnings

- Last updated on GMT

Related tags: Takeover

Australian yeast and ingredients group Burns Philp, currently in
the midst of a hostile takeover bid for food company Goodman
Fielder, today reported a 40.3 per cent increase in net profit to
A$95.1 million (€51.8m) for the fiscal first half ended 31 December
2002.

Australian yeast and ingredients group Burns Philp, currently in the midst of a hostile takeover bid for food company Goodman Fielder, today reported a 40.3 per cent increase in net profit to A$95.1 million (€51.8m) for the fiscal first half ended 31 December 2002.

Earnings before interest and tax increased by 46 per cent to A$166.3 million with the adverse currency impact, reports the company, being more than offset by asset sales.

Tom Degnan, Burns Philp CEO said: " The company's result reflected sound performances across the businesses in a period that saw Burns Philp consolidate its global position in yeast and bakery ingredients."

According to the company highlights of the half include the continuing improvement in Asia Pacific Yeast and Tones Brothers herbs and spices, which offset a softer result from US consumer yeast and the relative depreciation of the South American currencies in comparison with first half ended 31 December 2001.

With nod perhaps to current dealings with Goodman Fielder Degnan added: "Burns Philp will continue to pursue performance improvement and growth opportunities both organically and through the acquisition of businesses."

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