Affco Holdings has reported a six-month profit of $21.82 million, nearly double its interim profit a year earlier.
One of New Zealand's four largest meat companies, Affco recorded operating revenue of $580 million, up $85 million, for the six months to March 31, which helped boost its interim profit by $11.446 million on the corresponding period a year earlier.
In a brief announcement to the New Zealand Stock Exchange, Hamilton-based Affco said the higher turnover and profitability reflected improved market returns and continued improved operational performance following earlier investments in infrastructure and management.
For the year to September 30, 2008, Affco reported a net profit after tax of $60.2 million with $40.8 million of that coming from trading activities and $19.4 million from non-recurring items.
Affco operates 10 processing plants in the North Island and two in the South Island.
