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February 25, 2008

AUS: Oz dairy firm Montec losses narrow

Australia-based dairy firm Montec International has seen its first-half losses narrow despite growing pressure on input costs.

Australia-based dairy firm Montec International has seen its first-half losses narrow despite growing pressure on input costs.

The company booked a net loss of A$1.3m (US$1.2m) for the six months to 31 December, compared to A$1.4m a year earlier. Montec saw revenue climb almost 9% to A$324m.

The Sydney-based firm, which is focusing on building a presence in China, said it would continue to look to up its retail prices in the country as commodity costs rise.

Some of Montec’s products sold in China are produced by local dairy firm Jinhua Jalo Dairy and the company said the tie-up had paid dividends during the last six months.

“The broadening of the product offering and extension of the selling network to Jinhua provided impetus to increasing the overall availability of the company’s UHT milk range, which has been sold into new outlets along with yoghurt drinks in Beijing and Jinhua,” Montec said.

Earlier this month, Chinese investment group Puji Wealth Management agreed a deal to buy a 19.9% stake in Montec.

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