Warrnambool Cheese and Butter Factory Company has announced a half year normalised net profit after tax of $12.0 million for 2017, following the loss of the previous corresponding period.
In addition, the company increased revenue to $325.9 million (a rise of 10 per cent).
WCB said in a statement the increase is due to improved returns from its consumer goods business and joint ventures, realigning raw milk cost with market conditions and a lower average Australian dollar.
Normalised NPAT for HY17 is calculated after removing the one-off net profit after tax of $8.8 million achieved on the sale of the Company’s interest in food testing business Dairy Technical Services Limited.
The company cautioned that the volatility of the Australian dollar as well as global milk price variations means will continue to affect future results.