Australian dairy Warrnambool Cheese and Butter Factory has lifted its full-year profit guidance on the back of higher prices for dairy products and the lower Australian dollar.

In a trading update today (30 July), the company said net profit after tax for fiscal 2013 will “improve significantly” from its April update to be around 52% below last year. Warrnambool had previously said it expected an 80% drop in annual profits amid “subdued” commodity costs and a high Australian dollar.

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“The recent improvement in trading conditions and overall business performance have provided a welcome lift in FY2013 profits and we expect the continuation of these factors will contribute to improved earnings in FY2014,” said CEO David Lord.

International dairy prices rose to record highs in the fourth quarter, the firm said, but prices have since softened slightly but remain “significantly stronger” than the FY2013 average. Warrnambool said it had also benefited from investments and business improvement projects.

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