Murray Goulburn, which shocked the industry when it suddenly and retrospectively cut prices paid to farmers in April, has revealed a 61.2 per cent lift in profit after tax, to $40.6 million.
Its financial results reveal a 24 per cent reduction in net debt to $480 million, and a 3.3 per cent drop in revenue to around $2.7 billion.
The company has also confirmed it would cut 200 staff as part of a restructure.
Bega Cheese’s net profit tax rose 132 per cent to $28.8 million in the year to June 30.
In its report to the Australian Stock Exchange, Bega Cheese chairman Barry Irvin said the past season saw «unprecedented turmoil» in the sector, and urged politicians to stay the course with pushing for market access and free trade.
«As we are all aware the current political environment is not one that is conducive to change,» he said in the report.
«I would however comment that it is vitally important that those in the political process regardless of their political leanings focus on the key elements of investment, trade and change that will build Australia’s competitiveness rather than see the country fall further behind in the fast moving and fast changing world of global trade.»
Source: ABC
Link: http://www.abc.net.au/news/2016-08-24/dairy-processors-financial-results/7779442
