AUS: Bega Cheese says FY EBITDA will rise
Australia's Bega Cheese today (26 June) confirmed its full-year EBITDA will be higher year-on-year.
The company said group EBITDA would "show growth" on a year earlier. Last year, Bega Cheese's EBITDA was A$52m (US$52.4m), 5.1% lower than the year before.
However, in the first six months of its current financial year, EBITDA was up 12%. Bega Cheese, which has secured significant listings in recent weeks, including with retailer Coles, pointed to its manufacturing contracts and sales of "higher value products".
Bega Cheese also announced the opening milk price it would pay for its new financial year, which starts on 1 July, would be 7.5% lower than this year.
Lower international dairy commodity prices, which had fallen "significantly" was the reason for the decline in the price it would pay.
However, the company said the price was at the top end of the A$4.50-4.90 per kg of milk solids forecast by industry body Dairy Australia.
Two major US food companies - Campbell Soup Co. and Dean Foods - last week made announcements affecting the future of their domestic operations. Another, Kellogg, revealed it had agreed plans for a ve...
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