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Dairy Farmers' increased pay rate 'helped farmers survive drought'
16 Oct 2003
In the 2002-2003 financial year, Dairy Farmers paid an additional $30.1 million to its farmer/shareholders compared with its competitors "to help them survive the drought". The company said the pay-out contributed to a fall in net profit for the year to June 30, 2003 to $1.4 million, compared with a net profit of $19.9 million the previous year. Net revenue fell to $1.267 billion from $1.277 billion but EBIT rose 55 per cent to $73.3 million.
Dairy Farmers' managing director Calvin Boyle said that trading has been strong in the first quarter of 2003-2004. Mr Boyle said pay-out to shareholders is not expected to be as generous this year. Pay rates have already been reduced already, he said.
Last year's higher pay rate did not mean farmers ended the year with big profits, however. Very few of our shareholders made a profit, Mr Boyle said. Last financial year, despite the higher milk price, all it meant was that they were able to hold on to their businesses.
Tradingroom.com.au, 15/10/03.
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