Food company Goodman Fielder says it is on track to achieve full year earnings of about $300 million as it continues to battle tough trading conditions.
The firm says its earnings will be at the lower end of the range as it pushes ahead with a major review of its operations.
In February, the company gave an earnings guidance of $300 - $318 million after its half-year profit fell by more than half.
It says competitive pressures, including price cuts for supermarket private label bread and growing labour and logistics costs, continue to hurt returns in the baking division.
The company will write down the value of its Australasian baking and New Zealand home ingredients businesses by up to $260 million while restructuring and redundancies will cost up to $100 million.
It is aiming to achieve $130 million in savings by 2014/2015 through its Project Renaissance restructuring.
Goodman Fielder says it is talking to a number of potential buyers for its NZ Milling and Integro commercial oils operations.
The company's New Zealand brands include Vogels, Meadowlea and Edmonds.