Dairy company Murray Goulburn, an MG Unit Trust (ASX:MGC) company, has reported a 53.2 per cent increase in its net profit after tax to $14.4 million for the first half of FY18 compared to the previous year.
Despite a rise in net profit, the company’s revenue is down 5.1% on FY17 to $1.1 billion, which the company says is due to a reduced milk intake.
The company’s earnings before interest and tax increased 105.6% to $47.7 million over the prior year.
The company has not declared an interim dividend.
MG Unit Trust is continuing to work on the Saputo transaction, which is expected to be completed in the first half of 2018.
Shares in MG Unit Trust (ASX:MGC) are trading flat at $0.83.