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Bonlac Foods reports 50% fall in net profit
12 Sep 2003
Bonlac Foods Ltd has reported a net profit of $18.17 million for the 2002-2003 financial year, down 51 per cent on 2001-2002. Revenue was $936.77 million, down 10.6 per cent on the previous year. The company said its results were negatively affected by lower sales volumes due to reduced milk intake because of the drought. It was also affected by lower revenues and margins resulting from weaker world commodity prices for dairy products in the first half. Export sales revenues were 20 per cent below those in 2001-2002.
Chairman Noel Campbell said although Bonlac's profit was down, it had paid a competitive milk price for the whole season, delivering on commitments to suppliers.
The company has provided for a $4.9 million dividend payable to Fonterra at June 30, 2003.
Tradingroom.com.au, 11/9/03.
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