New Zealand meat company Affco has reported after-tax earnings of NZ$16.58m (US$10.37m) for the year to 30 September, compared with a loss of $12.25m for the previous year.
The return to profit comes after the company carried out a restructuring to steamline the organisation.
“These changes have returned the company to a core business focus within the rural community,” the company was quoted by the New Zealand Press Association as saying.
Affco said total operating revenues were down 10% to $890.42m, due in part to the stronger New Zealand dollar. Sales revenue was $884.72m, compared to $985.18m the previous year.