TasFoods saw its annual net loss narrow as revenue increased, and the divestment of the Shima Wasabi, Betta Milk, and Meander Valley Dairy businesses.
The company’s net loss improved to $987,000 while revenue increased 4.7 per cent to $74.9 million.
Its dairy revenue fell 8.6 per cent to $28.5 million while poultry revenue rose 15.6 per cent to $46 million.
Horticulture revenue plunged 50.1 per cent to $211,000 and shared services revenue widened 33.3 per cent to $160,000.
During the year, TasFoods sold Shima Wasabi to Hillwood Berries Tas, and Betta Milk and Meander Valley Dairy to Bega Cheese. The company still owns the Betta milk production plant in Burnie.
Meanwhile, TasFoods launched the Isle & Sky pet treats brand in October and acquired chicken broiler and breeder business Redbank Poultry in December.
With these transactions, the company has transformed into primarily a poultry business with three pillars of operations namely breeder and hatchery, production, and pet treats.
In addition, the company said it is exploring strategic alternatives for its remaining divisions while noting that its Pyengana Dairy brand is positioned for future growth domestically and overseas.
