Latest FY17 results: Ingham’s flies, MG $370 million loss
Dairy processor Murray Goulburn and poultry producer, Ingham’s have both reported their 2017 financial year results.
Murray Goulburn’s $370 million loss
Dairy co-operative, Murray Goulburn, has reported a net loss of after tax of $370 million in announcing its 2017 financial year profit results.
Murray Goulburn (MG), which owns the Devondale brand, also reported that it received 2.7 billion litres of milk for the year, a 21.8 per cent reduction on the 2016 financial year.
Chief Executive Officer of MG, Ari Mervis, said MG experienced a difficult year because of the significant reduction in milk and “adverse seasonal conditions”.
“In order to mitigate the resulting impact, a number of important initiatives have been undertaken,” Mervis said.
“These include implementing the manufacturing footprint review, de-recognising the contentious Milk Supply Support package, and delivering on previously announced cost initiatives.”
”Furthermore, a new management team is now in place, and a comprehensive strategic review covering all aspects of MG’s strategy and corporate structure, including the Profit Sharing Mechanism and capital structure, is accelerating. These are all necessary steps to strengthen and improve the performance of MG,” Mervis stated.
Ingham’s profits fly high
Demand for healthy and value-driven chicken products has seen Ingham’s report strong results for its first ASX end of financial year profit announcement.
Poultry producer, Ingham’s, first listed on the Australian Securities Exchange (ASX) in November 2016. The company announced its financial results for its 2017 financial year, delivering better than expected results.
Ingham’s statuary net profit after tax was AUD $59.1 million and revenue AUD $2, 383.9 million.
Ingham’s Chief Executive Officer, Mick McMahon, said the 2017 financial year was a landmark one for Ingham’s.
“The Group has delivered against prospectus forecast, supported by good progress on implementing our strategy.” McMahon said.
“Our results reflect continued strong demand for Ingham’s quality products supported by consumer preference for great value, healthy and versatile poultry products.”
Ingham’s said it expects poultry volumes to keep growing.
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