Murray Goulburn profits increase in turbulent times

Published 6 September 16

Australian dairy processor Murray Goulburn (MG) has revealed a 61.2% increase in profits after tax to AUD$40.6m while its board of directors received a 38% pay increase. This is despite the processor acknowledging that the previous season was one of the most difficult trading environments experienced in recent times.

The processor has also announced to cut 200 staff as part of a restructure, reducing its workforce by around 8%. These developments come at a time when the Australian dairy industry is subject to a number of ongoing investigations into practices regarding competition in the sector, with MG at the centre of a number of these inquiries. In addition, the Australian Securities and Investments Commission is conducting its own investigation into the information provided by MG to the Australian Securities Exchange, on which it has been listed since July of last year.