Lismore, New South Wales-based dairy cooperative Norco has posted half-year profits of almost A$6m (US$3m).
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CEO Bernard O’Brien added that overall sales for the six months reached A$79m, an increase of 5% on the previous year.
The results herald a massive turnaround for Norco, who posted debts of A$27m during the deregulation of the milk industry.
The company’s board also announced a A$1m loyalty payment to its 237 supporting dairy farmers, who are already benefiting from milk returns up five cents a litre on last year.
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