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Golden Circle recovers

This article was originally published in Foodnews

AUSTRALIAN canned fruit and vegetable processor Golden Circle has returned to profitability following major company restructure. Net profit for the year ended 30 June reached A$20.1 million (US$16.6 million) compared with a loss of A$25.7 million a year earlier. This includes a A$21 million gain from the sale of the surplus property assets in Brisbane, which partly offset restructuring costs. Revenues for the 12-month period was A$380 million, up from A$376 million last year. The company slashed A$40 million in debt during this year after refinancing, recapitalisation and selling off surplus assets.



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