Despite lower dairy ingredient prices, a high Australian dollar, and difficult seasonal conditions, the Murray Goulburn dairy co-operative has more than doubled its net profits to $34.9 million for the 12 months ending June 30th and states that the company is well positioned to profit in the coming year on improved dairy prices and industry conditions. In the previous 12 month period the co-op posted a lower $14.5 million profit because of company restructuring. During fiscal year 2013 the company announced a10-year entry into the pasteurized milk market, the re-launch of the Devondale brand, the opening of offices in Dubai, Ho Chi Min City, and Singapore, and secured full ownership of its China nutritionals business and cut costs by $100 million. The company is also considering a takeover offer by Bega Cheese for Warnambool Cheese & Butter for $319 million. Murray Goulburn owns a 16% stake in Warnambool and if it accepts the offer it will gain $18 million in cash and become Bega Cheese’s largest investor.
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