Simplot-Australia Forecasts Profit

Published online: Feb 02, 2004
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Simplot-Australia forecasts profit growth of at least 10 percent this year and said it is on target to reach A$1 billion in annual sales revenue by 2005-06.

Simplot, which owns a collection of Australia's biggest food brands, reported a net profit of A$16.6 million in the year to August 2003, on sales revenue of A$774.9 million. The previous year restructuring costs of A$35 million saw it come in with a A$26.3 million loss.

Simplot-Australia managing director Terry O'Brien said sales revenue was expected to reach A$835 million in 2003-04 with earnings before interest and tax forecast at A$39 million.

Simplot-Australia is one of the country's largest food industry players and is ultimately owned by 95-year-old American businessman J.R. Simplot of Boise, ID.