AUS: Bega Cheese records mixed FY
- Net profit drops 6%
- EBITDA climbs 8.8%
- Sales flat at A$926.8m
Bega's profit drop was driven by a change in tax status of Tatura Milk
Australia's Bega Cheese has booked a mixed set of full-year results as net profit slid after a tax change but core earnings increased on higher-margin lines.
In the 12-month period, net profit fell 6% to A$20.4m (US$21.9m), the company reported today (24 August). The decline was driven by a change in tax status of Tatura Milk.
EBITDA, however, climbed 8.8% to A$568m. Bega CEO Aidan Coleman said the company's ability to grow profit is the result of a strategy to move the business toward high-growth, high-margin products.
Sales remained relatively flat at A$926.8m from A$931.7m last year.
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