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Record profit for Murray Goulburn

Milk co-operative, Murray Goulburn has posted a record financial result, recording an after tax profit of $29 million.

August 27, 2014 2:00pm

Milk co-operative, Murray Goulburn has posted a record financial result, recording an after tax profit of $29 million.

The profit was recorded on the back of a record sales revenue of $2.917 billion.

Commenting on the results, managing director, Gary Helou said international dairy food prices were at very high levels during the 2013/14 year, underpinned by the strong demand from Asia and the Middle East.

‘‘Our focus on the value growth segments of Nutritional Powders and international consumer and food -service dairy food exports, combined with the robust growth in MG’s milk supply helped MG deliver an exceptionally strong year.”

‘‘We’ve seen another year of significant progress in our group safety performance.’’

Murray Goulburn recorded a $36 million gain from the sale of its stake in Warrnambool Cheese and Butter (WCB), which was recognised directly in equity.

MG’s final weighted - average available farmgate milk price paid to its supplier/shareholders was up 37% on the previous year at $6.81 per kilogram of milk solids.

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