AUSTRALIA: National Foods reports 14% rise in H1 profit
Australia’s largest listed dairy company, National Foods, has reported net profit of A$28.6m (US$17.3m), up 14% from A$25.1m in the year-earlier period.
Revenue for the six months to 31 December was up 14% to $602m, while earnings before interest and tax were up 11% to $45.9m.
National Foods’ profit was boosted by increased volumes sold to Australian retailer Woolworths. In September National Foods embarked on a 200 million litres-a-year contract to supply own brand milk to Woolworths. The benefits of the deal were partly offset in the first half as the dairy company had to spend on logistics, distribution and plant expansion in order to fulfil the contract.
National Foods’ King Island gourmet cheese unit also achieved a strong performance in the first half.
National Foods did, however, record a $4m loss on exports of commodity cheese, due to low prices, compared to a $4m profit on the exports a year earlier.
The company said it was on track to achieve its 15% full year profit growth target.
Companies: Woolworths Ltd
With 76% of Australia's food retail market, just two companies, Woolworths and Coles, dominate the region. In a two-part review, David Robertson looks at both supermarket chains. The first article wil...
Australian grocery retailer Woolworths has reported a 14.4% increase in sales from continuing operations for the first quarter....
Cash strapped universities in Japan have taken to raising and growing food to bolster income as student intake falls steadily each year owing to the country's shrinking child population....
Australian grocery retailer Woolworths has reported a 12.2% rise in annual sales to A$31.4bn (US$23.7bn), and said full-year results were "very pleasing" overall....
Dairy co-operative Milk Link has announced that it plans to launch its range of Moo dairy products to the export market at Anuga, in Cologne in October....
Supermarket chain Woolworths has today (Friday) announced a sharp rise in sales for the year to 26 June, bolstered by strengthening food and liquor sales and acquisitions....
Supermarket chain Woolworths Ltd has refused to comment on reports that it is considering the sale of its A$1bn (US$753m) chain of national distribution centres, according to the Australian Associated...
The private label phenomenon is going global, with Australian supermarket chain Coles looking to replicate the success of retailers such as Tesco and Wegman's by rolling out a multi-tiered private lab...
- Unilever 2016 investor day - the top takeaways
- The key questions for digital strategists in 2017
- Wessanen's move for Spain's Biogran - analysis
- Have food promotions reached tipping point?
- How Tyson's new CEO plans to grow the meat group
- General Mills jobs to go in business revamp
- Japan's Nagatanien buys Chaucer Food Group
- B&G acquires pasta sauce group Victoria Fine Foods
- Verlinvest, China Resources invest in Oatly
- Tyson sets up US$150m investment fund