Shares in Goodman Fielder have fallen both sides of the Tasman after the company said its full year profit will be at the low end of its guidance range.
New Zealand shares fell 6% on Monday, while in Australia they were down 5%.
The Australasian food company expects full year earnings of around $300 million as it continues to battle tough trading conditions.
In February the company, whose New Zealand brands include Vogels, Meadowlea and Edmonds, gave an earnings guidance of $300 million to $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.
In total, it expects to incur one-off costs of up to $360 million, including a $260 million write-down in the value of several of its businesses and redundancy costs of up to $100 million as part of a major restructuring.
The restructure is hoped to generate $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.
