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Record result for dairy processor

Posted on August 25, 2008, 10:10am

Regional dairy giant Warrnambool Cheese and Butter Factory (WCB) has announced a record result for the 2007-08 financial year, generating sales of $525m — up 41pc on the previous year.

Net operating profit after tax was a record $24.5 million, up 155pc.

“This result demonstrates the excellent positioning of WCB in the international dairy markets,” according to chief executive and managing director Neil Kearney.

“We processed a record volume of milk in 2008 and this has supported a very pleasing financial result.”

He said the company’s commitment to working with its milk suppliers enabled total milk intake to grow by 6pc to 853 million litres in 2008.

In an environment of tightening Australian milk production, Mr Kearney said WCB’s relationships and strong financial performance in 2008 allowed it to increase volume and continue to pay higher than average industry milk prices.

“Strong international soft commodity prices have enabled WCB to continue its policy of paying highly competitive prices to suppliers,” he said.

“The company’s proactive approach to milk pricing has seen our milk intake grow while overall milk production dropped in the regions in which we operate.”

Mr Kearney said the company’s increased milk volume allowed it to increase production by 3.2pc over 2007.

The company has a cheese and milk retrieval factory at Mil Lel and has a large number of suppliers in the South East.

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