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Australia’s oldest dairy business bounces back from $9m loss

Van Diemen’s Land Company, Australia’s oldest dairy farming business, is back in the black.

After recording a $9 million loss last financial year, the company in north-west Tasmania has posted a $7.2 million profit, reports the ABC.

"A good combination of good season, good milk price, good work by our people and good strategies have contributed to a very strong result," CEO Trevor Westacott said.

Westacott said the company’s performance makes it more attractive to investors, and Van Diemen’s Land Copany is currently searching for investors for a $180 million expansion.

Despite the business’ success this year, the global dairy price has lost 40 percent, which will reduce milk prices.

"That's going to test us," Westacott said. "We're working at the moment at putting in place strategies to limit that, but we do have 70 percent of our prices fixed."
 

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