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

 

Westland Milk Products breaks even for 2016-17

Thursday 28 September 2017

Westland Milk Products breaks even for 2016-17


Westland Milk Products has recovered from a loss in the 12 months ended July 31, 2016, to post a break-even profit before tax for the 2016-17 financial year.

The company, New Zealand’s second largest dairy co-operative, said the result represented a total payout to its 342 shareholders of $338.7million, a net average cash payout of $5.18/kgms.

Chairman Pete Morrison said the payout is effectively a break-even result for the Westland Group at $29,000 profit before tax.

“While this is an improved result on 2015-16 when our payout was $3.88/kgms, it is still not industry competitive,” Morrison said. “Shareholders expect their Board and management to do much better this current financial year.

“Both board and management warned shareholders after our annual general meeting last year that we would not be able to return the company to an industry competitive payout in one season. We committed to doing so for 2017-18.

“Our new ways of working and accountability from board, management and staff will make a huge difference this year and I am pleased to confirm that our payout prediction for this season is in the $6.40 to $6.80 range.

“This recovery bodes well for the future of our co-operative. When our new Chief Executive Toni Brendish commenced in September 2016, and quickly established a new finance team to work with her, she identified that it was costing Westland more to process its ‘bucket of milk’ compared with other dairy companies in New Zealand. Since then, management has embarked on a campaign to reduce costs and improve efficiencies. The result has been the removal of many millions of dollars in costs from the business.”

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>