Warrnambool Cheese and Butter Factory (WCB), the Australian dairy firm, has reported bumper annual profits as it rode the wave of rising dairy prices over the last 12 months.
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The company said today (8 September) that it saw profits more than double during the year to 30 June. WCB booked EBIT of A$36.8m (US$30.2m), up from A$16.9m a year earlier. Turnover climbed 41.3% to A$525.3m.
WCB, which generates only a fraction of its revenue from consumer goods, said dairy prices had “increased significantly” during the financial year. It saw revenue growth across its business, with sales from milk trading almost doubling.
The company said that moves to build the business, including its ingredients venture with Friesland Foods, its proposed cheese venture with National Foods and plans to set up a sales and distribution office in Japan would further improve its operating performance.
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By GlobalData
