There is some "light at the end of the tunnel" for Australian food manufacturers that have suffered under the weight of a strong Australian dollar, Coca-Cola Amatil's group managing director, Terry Davis, said on Tuesday.
Earlier in the day, Australia's biggest soft-drinks bottler said its full-year net profit fell 22 percent to A$459.9 million ($474 million), with the firm taking A$146 million worth of write-downs on its packaged food business, which has been hit by a strong currency and falling prices for fresh fruit.
The Australian dollar, trading at around 1.03 to the U.S. dollar, has risen about 6 percent from lows hit in June last year.
"There's no doubt that it has been a tough time for Australian food manufacturers. You've got an increase in private (food) labels and a lot of that's being imported and also you're finding that your export markets are less profitable so you get hit on both sides," Davis told CNBC Asia's "Cash Flow."