Freedom Foods bucks dairy trend
Unlike other Australian dairy producers, Freedom Foods has achieved sales growth within its dairy operations for the first half of the 2017 financial year.
Freedom’s dairy operations at Shepparton, Victoria, achieved a sales growth which the company said reflected new contracts and increased demand in Australia, China and South East Asia.
Freedom also achieved growth in its dairy beverages sales, including its ‘Australia’s Own Kid’s Milk’ sold in China.
Australia’s Own Kid’s Milk is now the leading imported children’s milk brand in China were it is distributed.
Overall profit increase
The overall operating net profit reported by Freedom Foods for the first half of its 2017 financial year was AUD $5.3 million.
This was a 78 per cent increase on its results for the first half of its 2016 financial year.
Each of Freedom Foods’ business units achieved increased sales except for its Speciality Seafood division which was impacted by a shortage in sardine supply and an unfavourable exchange rate on purchasing in salmon and sardines.
Cereal and snacks
Freedom’s cereal and snacks operation delivered an increased operating earnings result. This included a full contribution from its acquired Darlington Point Mill and Dandenong business.
Plant-based beverages
Sales in Freedom’s plant-based drinks increased.
Freedom said its Taren Point production facility is at capacity and that its new facility at Ingleburn will help reduce costs of ongoing operations.
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