Kraft Heinz reports 51per cent slump in first-half profit

Kraft Heinz reports 51per cent slump in first-half profit

Kraft Heinz Co's net income more than halved in the first half of the year as the packaged food maker booked a goodwill impairment charge in its delayed results.

FILE PHOTO: Bottles of salad dressing made by food conglomerate Kraft Heinz are seen on a supermark
FILE PHOTO: Bottles of salad dressing, made by food conglomerate Kraft Heinz, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren/File Photo

REUTERS: Kraft Heinz Co's net income more than halved in the first half of the year as the packaged food maker booked a goodwill impairment charge in its delayed results.

Net income attributable to the company's shareholders fell to US$854 million, or 70 cents per share, in the six months ended June 29, from US$1.76 billion, or US$1.43 per share, a year earlier as it recorded a non-cash charge of US$744 million.

Kraft Heinz's earnings report was delayed while it restated financial reports for a near three-year period after an internal investigation into lapses in procurement practices by some of its employees.

The U.S. Attorney's Office for the Northern District of Illinois is working with the Securities and Exchange Commission to investigate this matter.

(Reporting by Richa Naidu in Chicago and Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: Reuters

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