Murray Goulburn reports 61.2% rise in profit

Company News

by David Chau

Murray Goulburn (ASX:MGC) has reported a 61.2% increase in after-tax profit, to $40.6 million, and has met its downgraded profit forecasts.

Murray Goulburn’s profit increase was despite a 3.3% fall in revenue to $2.78 billion.

Over the year, the Victorian dairy co-operative has reduced its profit forecast three times, and has retrospectively cut the farmgate milk prices – a decision which was very unpopular with dairy farmers.

The company declared a fully franked final dividend of 3.91 cents per share. This brings the full year dividend to 7.41 cents per share.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.