Australian dairy farmers may be struggling but dairy processors are reaping rewards according to the latest round of financial results.
Despite a troubled year and tough trading conditions, Murray Goulburn still managed to improve its full year profits on last year by 61.2 per cent, with profits after tax of $40.6 million, although sales fell 3.3 per cent to $2.8 billion.
The profit figure was significantly lower than originally predicted by the company during its partial float last year, with the company pointing to falling global dairy prices. The company is also reportedly expected to cut 200 staff as part of a restructure.
Bega Cheese's net profit tax rose 132 per cent to $28.8 million in the year to 30 June, and Bellamy’s Organic more than tripled its 2016 financial results to $54.3 million for the year.
Increased sales of infant formula saw a2 Milk's revenue more than double in the 12 months to June. The company also moved into profit this year, posting a $NZ30.4 million ($A29.1 million) for the year, buoyed by its A2 Platinum infant formula brand.
