Thursday 27th November 2008
|Text too small?|
Net income was NZ$60.2 million in the 12 months ended Sept. 30, from a loss of NZ$1.77 million a year earlier, the company said in a statement.
AFFCO said NZ$40.8 million of the full-year profit came from a pick-up in trading activities. The company said it maintained market share in beef and lamb, and gained more of the market for the venison kill. Revenue rose 15% to NZ$1.1 billion.
The remaining third of the company's full year profit, NZ$19.4 million, came from a gain in value in AFFCO's shareholding of Dairy Trust, after that company's successful takeover of Open Country Cheese Company.
Chief executive Stuart Weston said AFFCO benefited from its continued focus on repaying debt, as well as its strategy of being a broader food group.
The shares were unchanged at 40 cents today and have gained 20% this year, while the NZX 50 fell 32%.
No comments yet
Talley's gains control of Affco with 90.5%
Affco directors get in behind Talley's takeover bid
Talley's declares Affco offer unconditional
Allied Farmers loss doubles amid finance unit's failure
Talley's target disappoints Olam
Talley's extends Affco offer deadline again
Talley's extends deadline on Affco offer
We're worth more than Talleys offer: Affco
Talley's launches full takeover for AFFCO
Fish company up meat works stake