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Cooks Food Reports $2.5m Net Loss For First Seven Months

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 16 NZPA - Cooks Food Group, which started trading last September, reported a net loss of $2.5 million for its first seven months in operation.

The result for the seven months to the end of March included non-recurring items of $1.4m. That was made up of listing costs, amortisation, and acquisition and advisory costs, the company said today.

The company brought together Murdoch Foods, Sahara Foods and Cotterill & Rouse, with the shareholder base of Tasman Food Corporation.

The aim was to create a food manufacturing company with the innovation and scale to compete in this country, and potentially overseas.

Last December, Cooks announced a deal to buy Goodman Fielder's Diamond Pasta & Meal Solutions business and its DYC Vinegar business for $12m plus stock.

But Cooks later announced the divestment of Diamond and DYC, and the sale of its ambient brands -- Cotterill & Rouse, Murdoch and Sungold -- to Wilson Consumer Foods for $4.375m. A sale of Cooks' Olive Grove and Sahara brands to LHF was completed on April 30.

Cooks today said it had no operating business and was actively seeking opportunities to build a significant food business in New Zealand.

Sales in its first seven months were behind projected levels, with sales revenues of $2.5m.

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