Warrnambool Cheese & Butter Factory
(ASX:WCB) has reported a dip in first half net profit which is blamed partly on a change in its accounting treatment of raw milk.
The dairy producer revealed a net profit of $25 million in the six months to the end of December as compared to $31.25 million in the previous first half.
The company says it has applied a full year milk cost pricing methodology to the half year which has resulted in a lower profit figure, total revenue for the half came to $304.7 million.
The company says the decline in international commodity prices has been offset by a welcome depreciation of the Australian dollar.
It has also shifted its reporting date which will see its full year ending on 31 March, the company will commence its new year at the end of March this year.
