Mr. Chips Reports A Drop In Profit

A potato shortage saw New Zealand potato chip maker Mr. Chips report a 29 percent drop in full year net profit to NZ$1.4 million (US$978,900 ) from NZ$2.035 million (US$1.42 million) the previous year.

The company said in a statement that it will focus on regaining the confidence of its Australian customers after supply problems meant that it could not fully meet demand in 2004.

It said that by the end of the year the Australian market was oversupplied with what it called substandard by cheap product leading to intense price competition.