Australian dairy firm Warrnambool Cheese and Butter has seen half-year profits more than double thanks to the healthy price of dairy commodities.
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Net profit jumped 110% to AS$20.1m (US$18.6m) for the six months to 31 December; revenue climbed 34.6% to A$246.6m.
Warrnambool said revenue and earnings grew strongly as high price of dairy commodities more than offset the appreciation of the Australian dollar.
CEO Neil Kearney said: “Our continuing strategy of focusing on added-value products and service, along with recent plant upgrades and better operational flexibility, enabled the company to optimise its business mix across strong international and domestic markets – and allowed us to take advantage of high prices.”
Warrnambool announced a joint venture with Friesland Foods Domo in November, with the construction of a new plant, due to be started in January 2009. The new venture will trade as Great Ocean Ingredients.
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