US food group Land O’Lakes has seen first-quarter profits more than double thanks in part to a turnaround from its dairy business.
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Land O’Lakes, one of the largest farmer co-operatives in the US, saw net earnings soar to US$54.9m during the first three months of the year, up from $26.1m in 2006. The company reported a 9% rise in turnover to $2.2bn.
The company’s Dairy Foods unit reported pre-tax earnings of $20.4m, compared with a loss of $2.9m in the first quarter last year.
During the quarter, Land O’Lakes sold Cheese and Protein International, its cheese and whey processing unit on the US West Coast. However, Land O’Lakes said proceeds from the sale would not be reported until the second quarter.
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