Goodman Fielder has reported a sharp fall in half year profit.
The Australasian food business made $A42.9 million in the final six months of last year - less than half what it made in the same period a year earlier.
Revenue fell almost 4% to $A13 billion.
Goodman Fielder brands include Meadowlea, Vogels and Edmonds.
Goodman Fielder's chief executive Chris Delany says the company's financial performance is unacceptable, but he's confident the firm is beginning to work its way back to providing acceptable returns to shareholders.
"We believe that we'll continue to be competing in a very competitive environment, at best it will stay the way it is, perhaps even get a little more competitive. So we are engaging both our customers and our suppliers to reinvent Goodman Fielder in this context," he said.
As one of the first steps in a major company restructure, Goodman Fielder merged its baking, dairy and home ingredients businesses in New Zealand.
Shares in Goodman Fielder fell 4 cents to 61 cents on Thursday.