Nordmilch, the German dairy co-op, today reported rising annual profits despite a fall in turnover.
The company, which is looking to merge with local peer Humana Milchindustrie, booked consolidated profit of EUR29m for 2009 – up from EUR20m in 2008.
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Turnover, however, was down from EUR2.5bn in 2008 to EUR1.9bn as the economic downturn and an over-supply of milk hit milk prices.
Nevertheless, CEO Dr Josef Schwaiger said the company had fulfilled its targets for 2009.
“In this difficult environment, Nordmilch met its objectives in full. It proved possible to keep volumes stable despite adversity in the markets – not least through strong growth in the profitable cheese sector,” Dr Schwaiger said.
Nordmilch said its cheese exports were up 21% in 2009.
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