Murray Goulburn, Australia’s largest dairy foods company, has posted a loss of A$31.9 million ($24.5 million) for the first half of its financial year.
The firm booked 14.8% less revenue compared to the same period a year ago, attributed to lower supplies, production cuts on farms and adverse seasonal conditions.
According to Murray Goulburn CEO Ari Mervis: “Record rainfalls and high levels of competitor activity have reduced our milk intake, impacting revenue and our ability to fully recover fixed costs and overheads… In addition, although the recent increases in the global prices of dairy commodities are welcome, they have not recovered in time to impact on MG’s first half sales volume”.
Murray Goulburn was established in 1950 as a co-operative of Australian dairy farmers.
Source: Food & Beverage