Australian cheese producer Bega Cheese has hailed the past year as one of “significant achievement” for the company at its Annual General Meeting.
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The company said a record profit of A$18.1m before distributions, revenues of almost $300m and earnings before interest, tax and depreciation of $25m reflected “another year of growth and success”.
The company said its strong financial performance had been further bolstered by its acquisition and consolidation of 70% of Tatura Milk Industries. Consolidated group revenues therefore rose to $340m, with a consolidated profit of $22.2m.
“We are pleased to report strong profit and revenues for the Bega Cheese business for the 2006/2007 financial year, and the successful investment in Tatura Milk Industries,” said chairman Barry Irvin. “The Bega Cheese group now has under its control assets of approximately $277m, and continues to strengthen its position as a significant participant in the Australian dairy industry.”
Irvin added: “Our investment of $38.6m in the Tatura Milk Industries business has already yielded strong benefits for the Bega Cheese business with synergies in milk and product supply, procurement, sales and marketing, and corporate services.”
