Goodman Fielder swings to FY profit but misses estimates

Revenue slips, group says balance sheet remains strong.

Goodman Fielder (GFF) said its balance sheet remains strong as it reported a sharp swing to net profit for the 2013 financial year, but missed analyst estimates. 

In the 12 months to June 30, net profit for the group lifted to $102.5 million, up 169.8% from a loss of $146.9 million in the previous corresponding period, buoyed by improvements in the bakery and grocery divisions in the second half.  

However, underlying net income from continuing operations came in at $75.7 million, when analysts were expecting around 83.6 million.

Revenue from ordinary activities slipped 11.4% in the year, to $2.23 billion, from $2.51 billion in the 2012 financial year.

Goodman will pay a final dividend of three cents, on November 1, to shareholders on the register at September 27, 2013.