AFFCO Holdings, New Zealand’s largest listed meat processor, has swung back into profit during the last six months, the company announced today (29 May).
The firm posted operating profit of NZ$15.3m (US$12m) for the six months to 31 March. The result compared to an operating loss of NZ$16.8m a year ago.
Affco said revenue, which reached NZ$496.6m, was “similar” to last year and the return to profit was due to higher returns and cost cuts.
Nevertheless, the strong New Zealand dollar was weighing on profits, chairman Sam Lewis said.
Lewis, however, added: “The planned improvements in operations and sales activities are progressing well. The benefit of these will become increasingly evident in subsequent reporting periods.”