Westland Milk Products breaks even for 2016-17

By Jim Cornall contact

- Last updated on GMT

Westland's CEO said the result is a 'break even.' Pic: Westland
Westland's CEO said the result is a 'break even.' Pic: Westland
New Zealand’s second biggest dairy cooperative, Westland Milk Products, has recovered from a loss in the 12 months ended July 31, 2016, to post a break-even profit before tax for the 2016-17 financial year.

The company said the result represents a total payout to its 342 shareholders of NZ$338.7m (US$243.6m), a net average cash payout of NZ$5.18/kgms (US$3.73).

Chairman Pete Morrison said the payout is effectively a break-even result for the Westland Group at NZ$29,000 (US$20,874) profit before tax.

Improvement still needed

However, Morrison said while the result is better than 2015-16, it is still not industry competitive.

“Both board and management warned shareholders after our annual general meeting last year that we would not be able to return the company to an industry competitive payout in one season,”​ Morrison said.

“We committed to doing so for 2017-18.

“Our new ways of working and accountability from board, management and staff will make a huge difference this year and I am pleased to confirm that our payout prediction for this season is in the NZ$6.40 to NZ$6.80 (US$4.60-4.89) range.”

Westland’s full annual report will be published in early November. 

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