Bonlac earnings down

29 Sep, 2000 03:02 PM
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THE cost of restructuring and redundancies has left a deep hole in Bonlac Food's earnings this year, despite an increase in sales and revenue. Bonlac reported a 6.7 per cent increase in total revenue to $1.3 billion for 1999-2000, but low commodity prices and business development costs held operating profit before abnormal items and income tax back to $8.2 million, $2.1m less than last year. Abnormal items totalled $59.9m and were associated with redundancies for 350 staff across all levels of the company, the closing of four plants and a writedown of the value of that plant and equipment (back to a best estimate of their sale value). Included in this was a $3.1m retirement and redundancy entitlement paid to former managing director Phil Scanlan in accordance with his contract conditions.

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