Murray Goulburn Co-operative Co. Limited (MG) today announced financial results for the full year ended 30 June 2017 (FY17).
Revenue in MG’s Dairy Foods segment declined by 8.0 percent to $1,221 million. This result was largely driven by lower adult milk powder (AMP) sales, which declined by $93 million, compared with FY16 when cross border sales for this product grew significantly.
MG now expects total FY18 milk intake to be approximately 2 billion litres. MG however confirms that it is maintaining an FY18 opening Southern Milk Region FMP of $5.20/kg MS.
Commenting on the results, MG’s Chief Executive Officer, Ari Mervis, said “MG has experienced a difficult year as a result of the significant reduction in milk intake and adverse seasonal conditions. In order to mitigate the resulting impact, a number of important initiatives have been undertaken."
“Furthermore, a new management team is now in place, and a comprehensive strategic review covering all aspects of MG’s strategy and corporate structure."
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