Bega Cheese, Australia’s largest cheese maker, today (23 February) booked an increase first-half earnings despite a drop in revenues.
In the six months to 25 December, net profit was up 8% to A$11m (US$11.8m), the company revealed.
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However, Bega saw sales were down 7% to A$448m (US$479.1m) on the back of falling consumer demand, intense competition and the strength of the Australian dollar.
“The decrease in revenue was largely the result of a decrease in volume of retail and foodservice cheese products,” Bega said. However, the group was able to partly offset this volume decline through higher milk intake volumes and a change in product mix.
Bega announced an interim dividend of three cents per share. No interim dividend was paid in the prior year.
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