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.