Australian dairy company National Foods has announced a 14% rise in full-year net profit and gave a positive outlook despite difficult trading conditions.
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The company, whose brands include Pura, Yoplait, Fruche and King Island Dairy, posted net profit of A$68.7m (US$48.7m) for the year to 30 June 2004, compared to $60.1m in the previous year. Sales rose 5% to $1.20bn from $1.16bn in the prior year.
“This is another good result for National Foods,” said managing director Peter Margin. “The company has performed well over the year and we have maintained our double digit growth rate.”
“Some of the highlights during the year were the continuing improvement in the King Island specialty cheese and gourmet foods business, a solid performance from our fresh dairy foods business in New Zealand, a turnaround in our route milk business and the securing of the national Woolworths house brand milk supply contract for a further three years,” Margin added.
Looking ahead, National Foods said the industry environment continues to be highly competitive and trading conditions are expected to be difficult for the 2004/2005 year.
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By GlobalData“Nevertheless the company is anticipating another year of continuing growth with all indicators at this point in the new financial year remaining positive,” the company said.
