Beston Global Food Co., the recently-listed Australian dairy-to-meat processor, has posted an underlying profit for the first six months of its financial year.
The company, which floated in August, reported an underlying net profit after tax of A$1.7m (US$1.2m). It did not provide figures for the corresponding period a year but said the result was up A$400,000 on the year-to-date result given at its annual general meeting in November.
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Beston Global Food Co. said the result “reflects a number of tailwinds and headwinds during the period” but insisted overall it was in line with management budgets.
On a non-adjusted basis, Beston Global Food Co. made a loss for the six months of A$1.1m, predominantly on the back of costs associated with the IPO including ASX listing fees, professional fees and other one-off items.
Sales for the period were A$7.6m.
“We are a company in growth mode,” said Beston Global Food Co. chairman Dr Roger Sexton. “We are investing for growth and we are acquiring for growth on our journey to become a global food company.
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By GlobalData“The net result of our activities over the few months as a listed public company is that we have put in place some very solid foundations to take BFC forward,” Dr Sexton added.
CEO Sean Ebert said the focus for Beston Global Food Co. in the second half of its financial year is to continue to make revenue and margin gains, while expanding its revenue base with “a number of initiatives which capitalised on the core competencies and capabilities of the company”.
