Australia’s Bega Cheese has booked a mixed set of full-year results as net profit slid after a tax change but core earnings increased on higher-margin lines.

In the 12-month period, net profit fell 6% to A$20.4m (US$21.9m), the company reported today (24 August). The decline was driven by a change in tax status of Tatura Milk.

EBITDA, however, climbed 8.8% to A$568m. Bega CEO Aidan Coleman said the company’s ability to grow profit is the result of a strategy to move the business toward high-growth, high-margin products.

Sales remained relatively flat at A$926.8m from A$931.7m last year.