BPC burns, philp & company limited

3rd quarter

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    BURNS, PHILP & COMPANY LIMITED 2002-04-24 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Directors present the trading results of Burns Philp for the
    third quarter ending 31 March 2002 and the year to date.

    AUD MILLION 3 MONTHS ENDED 31 9 MONTHS ENDED 31
    MARCH MARCH
    2002 2001 2002 2001

    Sales 305.0 329.3 1,089.5 1,072.6
    Trading EBIT before
    unusual items 44.1 33.1 158.1 140.7

    Unusual items (25.1) - (25.1) -
    Trading EBIT after
    unusual items 19.0 33.1 133.0 140.7

    Interest (15.3) (20.0) (51.3) (61.6)
    Tax (5.3) (2.5) (14.1) (9.4)
    Outside Equity Interests (0.9) (0.5) (2.3) (1.5)

    Net Profit before abnormals
    attributable to
    Shareholders (2.5) 10.1 65.3 68.2
    Net Profit (2.5) 10.1 65.3 68.2

    The Group's trading results, earnings before interest and tax (EBIT
    before unusual items), increased by 33% quarter-on-quarter and 12%
    year-to-date and are in line with expectations.

    The Group's operations in the United States, Europe and Asia Pacific
    all traded well. Brazil, Australia, and Turkey were adversely
    affected by pricing competition. Tones continued to trade above
    budget and last year.

    In March the third and final initiative of the planned consolidation
    program in the United States, being the closure of the yeast plant in
    Oakland, California, was initiated. Incrementally this will increase
    the cash earnings of the US yeast group by between $5 and $6 million
    next financial year. The cash cost of $3 million for the closure
    (severance and land remediation), together with a non-cash charge of
    $22 million (write down of book value on a going concern basis), have
    been charged to this quarter's earnings as an "unusual item".

    The Group recently announced its intention to sell two non-core
    assets as parts of its development plans. The Terminals business in
    New Zealand and Australia and the industrial vinegar business in
    North America will be sold, with completion anticipated for the
    second or third quarter of this calendar year. The gains on book
    value will be recorded in the accounts at that point in time.
 
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