Goodman Fielder's books have tumbled into the red as the listed company wrote down the value of its baking business.
The Australasian food firm lost $A167 million in the year to the end of June, a turnaround from the $A161 million profit recorded a year earlier.
Weak trading in the company's baking division forced an $A300 million non-cash impairment charge during the year. If that charge is stripped out, profit fell 17% to $S133 million.
Sales fell almost four percent to $A2.6 billion.
Goodman Fielder's brands in New Zealand include Meadowlea, Vogels and Edmond's.
The company says its baking business experienced a solid first half but conditions deteriorated in the second half, as higher commodity and energy prices pushed up costs and the market was affected by deep discounting and a resurgence of private label products.
The unfavourable exchange rate and the Christchurch earthquake also hit earnings within its dairy division.
