Westland Milk Products‘ net profit surged 44 per cent to NZ$55.9million (A$51.2 million), more than double its targeted $20 million ($18.3 million) income for the year.
The company’s revenue increased 3 per cent to NZ$1.07 billion (A$979.9 million).
Westland CEO Richard Wyeth said that the company significantly benefited from its acquisition by Chinese dairy company Yili Group.
“Yili’s support has enabled us to invest heavily in infrastructure that will maximise revenue from high-margin products. But our ability to remain competitive on milk prices must rely on our ability to stand alone on financial performance,” Wyeth said.
“We’re tracking well to deliver on our five-year commitment to build sustainable growth year on year. A sustainable financial base means we can continue to offer farmers very competitive terms for their milk.”
Westland produces packaged long-life milk, butter and other dairy products which are sold locally and exported to Australia and Asia, including under the Westgold brand.
