Milk company announces profit increase


Murray Gulburn has reported an after tax profit of $28 million at their annual general meeting for the 2009-10 season.

One of the regions major food processing  companies Murray Goulburn Co-operative, has reported a net after tax profit of $27 million for the 2009-10 year. The profit is a $27 million increase on the previous year.
Sales revenue for the year was $2.24 billion which included export sales of $1.15 billion and the co-operatives domestic businesses, contributed $1.1 billion.
Managing director Stephen ORourke is pleased with the result.
 An improvement in international markets during 2009/10 enabled us to step-up the milk price five times during the season, ending the year at $4.45 per kilogram of milk solids (about 34 cents per litre) on a weighted average basis  a 24 percent increase on the years opening price, Mr ORourke said.
In August 2010 Murray Goulburn declared a 12% dividend on suppliers shareholdings and announced a 1 for 10 bonus allocation of ordinary shares to take place in March 2011.
The Co-operative believes the 2010-11 season will be a better year for suppliers through increased milk returns.
Despite the high Australian dollar we maintain our forecast for an end of season price of $5.30 to $5.50 per kilogram of milk solids for FY11, Mr ORourke said.
Murray Goulburn was established in 1950 and processes over 35 per cent of the nations milk supply into quality products sold domestically and exported. Products include skim milk powder, full cream milk powder, cheese, milk fat products, whey Powders and milk Proteins.
The company is 100 per cent controlled by Australian dairy farmers and has factories in Rochester and Cobram as well as Koroit, Maffra, Laverton, Leongatha and Edith Creek in Tasmania.


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