Drop in profit for food and bakery group
expects its first half profit to be down on the same period a year
ago.
Food and bakeries group George Weston Foods Ltd said on Tuesday it expects its first half profit to be down on the same period a year ago, although its full year 2001/02 profit will be at least in line with last year.
"It is anticipated that the half year operating profit after tax will be A$3.5 million to A$4.5 million lower than the after tax profit of A$21 million for the corresponding half year period," the company said in a statement.
George Weston said its bread and milling operations were performing well, but profits would be hurt by trading difficulties in its meat and bioproducts operations.
"Results will be further affected by lower profits on the sale of assets, non-inclusion of the operating profit of Capel Dairy which was sold and reduced investment income due to lower interest rates," it said.Shares in George Weston, which is about 79 per cent owned by Associated British Foods Plc, closed on Monday at A$5.20.
