Australia's largest dairy co-operative has returned a modest profit for the last financial year.November 13, 2012 4:01am
Murray Goulburn Co-operative recorded an after tax profit of $37
The company has emphasised its change agenda in the financial year and noted that the profit figure was further reduced by significant items including staff redundancies.
New chief executive Gary Helou said the rationalising, redundancies, and other cost savings should result in more than $50 million of further savings in the current year.
Mr Helou said the company delivered a final weighted average farmgate price of $5.44/kg of milk solids, the third highest on record.
Improvements in conditions in the Southern Riverina and northern Victoria propelled an increase in milk intake by 3.9 per cent.
However the background for the year was one of falling commodity prices with strong competition from other exporting countries, including the US, European Union and New Zealand.
Mr Helou said the company had announced plans to open offices in Vietnam and in Dubai, to service the Middle East and North Africa, to complement offices already opened in Japan and China.
The company is planning investment of about $200
Chair Philip Tracy said in his report the company needed to lead the industry back to a growth outlook, with more favourable economic and climatic conditions.
‘‘This will be achieved through cost leadership, innovation, and increasing our focus on key customers, particularly in Australia, Asia and the Middle East,’’ he said.
Mr Tracy said the company had instituted a major review of the equity and fairness of the milk payment system.
‘‘All co-operative members will benefit by getting the balance right,’’ he said.
Murray Goulburn had sales of $2.6
The report discloses total non-executive director payments of $913
The annual general meeting will be held on Wednesday, November 28.
Coca-Cola Amatil has confirmed it will be pressing on with its $100 million redevelopment of SPC Ardmona.
Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
A snake was spotted this afternoon.
Rochester Rotary Club has celebrated its 50th birthday in style.
Sorting future of Campaspe pools
A theatre production with a difference is coming to Seymour.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
District residents and visitors will be able to enjoy some of the region’s most beautiful private gardens on Sunday.
The 116th annual Cobram Show went off with a bang at the weekend, drawing in crowds from far and wide for two days of fun.
Tomorrow is a Total Fire Ban day in Deniliquin, meaning no fires can be lit in the open and all fire permits are suspended.
Fifty new full-time jobs will be created at Tatura with a multimillion-dollar expansion of the abattoirs expected to be announced today.
Remembering Australian political giant Gough Whitlam who once called on Benalla police to stop then Treasurer Frank Crean on his journey up the Hume to phone the PM.
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