Australia's largest dairy co-operative has returned a modest profit for the last financial year.
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.
Nicki McLennan is showing her sister Taylah the ultimate Christmas generosity - a stem cell transplant to help Taylah's ongoing cancer battle.
After a tennis career spanning 62 years, of which the last 35 years have been as a coach, Yarrawonga's Jon Coleman is set to retire at the end of 2013.
The recent Kyabram Master Pairs, played over six days with crack sides from near and far, attracted some talented bowlers eager to win the prestige event.
The murder trial of Echuca woman Tracey Kerr has been adjourned until next year.
Three Goornong Fire Brigade firefighters recently completed a CFA course on safety surrounding urban firefighting and using breathing apparatuses.
Kyabram Lawn Tennis Club’s annual junior singles tournament again attracted good numbers from across the district.
But have opponents given up the fight?
Tocumwal Pre-School students are proudly flying their KITE at the Tocumwal Lions Community Hostel.
Tooborac Fire Brigade visited Tooborac Primary School last Tuesday to help the school complete its bushfire emergency management plan.
Residents urged to renew fruit fly baits to support local orchards.
A Korean company has a proposal with the NSW Government to built a $90 million ethanol plant in Deniliquin.
SPC Ardmona, is sending eight containers loaded with $250,000 of fruit and vegetables to cyclone ravaged Philippines.
The hunt is on for a buyer for Benalla and Mansfield Toyota after the business went into receivership last fortnight.
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.