Patties' shrinking pie

Weakness in the company's frozen fruit business contributed to a sharp fall in net profit for the full year, but underlying performance met expectations.

Frozen foods company Patties Foods (PFL) has lost its sweet tooth as weakness in its desserts products contribute to a sharp drop in full-year profit.

Management had to write down $11.8 million in its frozen fruit business as the category struggled with stiff competition from private label offerings and increased discounts at supermarkets.

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