Warakirri Dairies makes loss but cropping profitable

31 Oct, 2017 04:00 AM
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Warakirri Dairies operating company has made a $1.6 million loss for the 2017 financial year, an improvement on the $3.6 million loss in the previous corresponding period.

Warakirri Dairies leases land from the Warakirri Dairy Land Trust, which owns and operates about 4600 hectares across 11 dairy farms in Victoria and south-eastern South Australia.

The company declined to comment on the result, where revenue fell from $30.8 million to $24.6 million in the 12 months to June.

Australia's dairy industry has gone through two challenging seasons, with cash flow and profitability remaining under pressure and only modest growth in national milk production anticipated by the peak body, Dairy Australia.

Warakirri Dairies, which has been operating since 2006, valued its herd up $2.9 million to $21.6 million.

Elsewhere in the Warakirri stable of agricultural companies, Warakirri Cropping, which operates about 80,000 hectares of broadacre cropping farms in Victoria, NSW, southern Queensland and Western Australia, has turned out a $3 million profit, down from the $7.7 million profit last year.

The company, which leases the properties from the Warakirri Agricultural Farm Trust II, saw revenue slip to $56.8 million down from $58.1 million.

AFR

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