Murray Goulburn announced a record sales revenue for 2013-14, but its net profit after tax dropped more than $5 million.August 27, 2014 1:29pm
Murray Goulburn, Australia’s largest dairy foods company, has announced a record sales revenue of $2.917 billion, which is up 22 per cent for the financial year up to June 30.
The company’s net profit after tax was $29.3 million, dropping from $34.9 million the previous year.
A record farmgate milk price of $6.81 a kilogram of milk solids has also gone up 37 per cent, while milk intake went up 8 per cent to 3.4 billion litres.
The co-operative gained $36 million from the sale of its Warrnambool Cheese and Butter shares which helped it increase its equity by $59 million.
MG managing director Gary Helou said the impact of international factors such as in New Zealand, Europe, China and Russia on the market conditions had resulted in revised farmgate price from $6.15 to $6.30kg/MS to $6kg/MS.
More in Friday’s Riverine Herald.
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