14 Aug 2008

Writedown at Goodman Fielder division

7:14 am on 14 August 2008

Goodman Fielder will take a one-off writedown of $A170 million dollars on its Fresh Dairy division in New Zealand.

A spokesman for the Australasian food group says the decision was because of deteriorating economic conditions in the last quarter and high dairy product prices. It says milk costs are up 60% over the past year.

After taking out the new charge, Goodman Fielder says profit will be within its estimates and its full year dividend would remain unaffected at A13.5 cents a share.