Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Profit/payout up for Dairy Meats

For Immediate Release October 2001

Profit/payout up for Dairy Meats

The farmer-owned bobby calf processing cooperative Dairy Meats NZ Ltd has reported one of its best ever financial results.

For the year ended March 31, the company had operating revenues of $85.85 million and a net operating surplus of $12.994 million before tax and a revaluation of its investment in Affco Holdings Ltd. Last year it recorded a net operating surplus before tax and Affco revaluation, of $10.88 million on revenues of $84.003 million.

Its payout to supplier-shareholders last year was 130 percent up on the previous year, and was the highest since 1989.

Ownership of the company passed completely to dairy farmers during the year, with the redemption of 3.4 million class B ordinary shares held by the Dairy Board at $1 each. Shareholders' funds increased by $4 million to $38 million.

Added-margin product groups such as Nouveau Veal and functional ingredients continued to grow and contributed 18 percent of the company's revenue, and 23 percent of its gross margin.

Dairy Meats completed the year in a strong financial position because of committed shareholder support and a prudent approach to its use of resources, targeted at maximising long term benefits for its shareholders.

ends

For further information, please contact Paul Rivers on Auckland (09) 359-1200

Prepared for Dairy Meats NZ Ltd by Medialink Associates, telephone Auckland (09) 302-3644.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO: