News: Goodman Fielder downgrades guidance

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Goodman Fielder Ltd (ASX:GFF) has downgraded its full-year profit guidance following a soft third quarter. 

The breads and spreads producer now expects to deliver a net profit between $140 million to $150 million in the 2011 financial year. 

The latest forecast is down from pervious guidance of a full year profit in line with the prior year's normalised earnings, when the company recorded $183.5 million. 

Goodman Fielder says it has been impacted by market share reduction, increases in agricultural commodity costs and adverse currency translation costs.

 

The company also advises that it is close to making a decision and announcement regarding a successor to retiring CEO Peter Margin.



In the first six months of the 2011 financial year Goodman Fielder recorded a net profit $95.6 million.