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.
Raising awareness about family violence's impact on children message of network's new poster
Police are currently at the scene of a double fatal collision involving two cars in at the Cahill Road, Gilmore Street and Woods Road intersection in Yarrawonga.
Tatura Community House held its annual High Tea fundraiser at the facility on Tuesday, with a full-house present to enjoy a sumptuous morning tea, good conversation and relaxing time together.
The Echuca construction team behind Junction Moama has taken out one of the top honours at a regional building awards ceremony.
Rochester Historical and Pioneer Society hosted an afternoon tea to recognise long-standing members Barrie and Flora Griffin and John and Margaret Harley.
About 7600 residents served by Goulburn Valley Water are affected by a boil-water advisory.
Scone Equine Hospital relaunches local veterinary practice.
A beauty pamper day has raised a whopping $18k to assist local lady Terri Bevan with her ongoing medical costs associated with her brain tumour
A planning scheme amendment to allow the expansion and redevelopment of the IGA supermarket at Heathcote has been approved by the Victorian Planning Minister Richard Wynne.
Cross-border rivals Cobram and Barooga football netball clubs will contest the 38th Cobram Courier Shield this weekend.
An exciting three-hole playoff saw Virginia Lange take a narrow win in the Deniliquin Ladies Golf Championship last Thursday.
The G-MW Murray gravity irrigation system has received 35 per cent and the Goulburn system 42 per cent of allocation from July 1.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.