New Zealand meat processor Affco Holdings has said it expects to report full year profit for 2004 in excess of that reported in the previous year.

The company said the increase in profit was due to an improved third quarter performance and strong overseas demand, reported Dow Jones News.

Affco posted net profit of NZ$16.2m (US$10.3m) for the fiscal year to September 2003, compared to a loss of $12.3m in the previous year.