Norco says Fonterra purchase behind huge drop in profit

Greg McNamara
Greg McNamara

NORCO Co-operative Limited has announced a net profit of $400, 000 in the 2012/13 financial year, down by $5.3 million on the previous year.

The figure before interest, tax depreciation and amortisation was $6.5 million.

Core debt has also increased to $27.4 million, up from $19 million the previous year.

The co-operative's chairman Greg McNamara said the results were largely due to Norco purchasing the marketing, sales and distribution business from Fonterra Brands (Australia) Pty Ltd (the Front End).

"Norco has achieved a great deal over the last 12 months and our plan to build a platform which will allow us to consider and act on many opportunities is certainly well under way," he said.

Milk intake from member suppliers was 151.8 million litres for the 2012/13 year.

The final average farm gate milk payment to Norco's member suppliers was 51.74 cents a litre, compared to 52.71 cents a litre in 2011/12.

Mr McNamara said the board's decision to hold Norco's farm gate prices was based on a view that the cooperative should support members and suppliers "during a period of rising on farm costs and input prices".

Norco's chief executive, Brett Kelly, said other achievements in the 2012/13 financial year included securing the Coles contract after two years of work.

"There has been a lot of volatility again in both the domestic and international markets in terms of supply and pricing during 2012/13 and this is likely to continue in 2013/14," he said.

Topics:  dairy industry norco

Running for Amanda

BRAVE FACE: Roberta O'Brien, whose Running Group was there to honour and remember Amanda Nash, at the Byron Lighthouse Run. Amanda's father Robert Reid puts a smile on his face and relaxes after the race. Read the story, page 4.

Tenth annual Lighthouse Run attracted around 1200 participants

Young and old soak up North Coast National

Chris Smith shows off his Selkirk Rex at North Coast National.

North Coast National's final day for 2016

25th annual duck race floats in wild winds

LINED UP: Corporate-costumed entrants ready for the Rotary Great Duck Race in Ballina.

Heavy winds ruffled a few feathers

Local Partners

Australian Survivor's magician Matt out of tricks

Australian Survivor contestant Matt Tarrant.

SHOW'S power couple looks unstoppable in race to the finish.

Top floor teams take out The Block's terrace week

Kim and Chris pictured on their winning outdoor terrace in a scene from The Block.

RIVALS Kim and Chris and Julia and Sasha tie in final week of work.

Bob Dylan slammed as 'arrogant' for Nobel silence

Nobel Prize winner Bob Dylan.

Singer the controversial winner of literature Nobel

Shannen Doherty reveals fear of dying in post on chemo

Actor Shannen Doherty shared this image of her lying in a hospital bed after a chemotherapy session.

Actor has been fighting cancer since 2015

Eddie Redmayne's stage fright on latest Harry Potter film

Actor Eddie Redmayne stars in Fantastic Beasts and Where to Find Them.

Actor felt like kid again when he got to film with a wand

Salma Hayek: 'Trump planted story because I turned him down'

Actor Salma Hayek is the latest woman who says U.S presidential nominee Donald Trump acted inappropriately.

Salma Hayek latest woman to accuse Trump of misconduct

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals

Cherrabah's mega resort plans axed

PLANS for a massive development at Cherrabah have been scrapped.

Dusit Thani finance crisis 'just a small hiccup'

ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony.

Property developer says project remains firmly on track