Affco Holdings, New Zealand’s largest listed meat processor, has nearly doubled its six-month profit.
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For the period ended 31 March, Affco posted a net profit before tax of NZ$21.8m (US$14m), an NZ$11.4m improvement over the previous year.
Operating revenue of NZ$580.2m represented an $85m increase on the prior half year.
“The increase in turnover and profitability is a reflection of higher market returns, and continued improvement in operational performance reflecting earlier investments in infrastructure and management,” the company said.
For the year to 30 September, the company posted net profit of NZ$60.2m in comparison to the NZ$1.2m profit it made in 2007.
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By GlobalDataAffco processes and exports around 150,000 tonnes of meat products and by-products each year.
