$1 million profit for Casino meatworks in 'challenging' year
CASINO'S Northern Co-operative Meat Company (NCMC) has announced a $1.059 million profit before tax for the 2017 financial year.
Meatworks chairman, John Seccombe, said the profit was pleasing, particularly considering some challenging conditions in the beef industry.
"Last year we predicted a downturn in our beef processing business due to higher than usual cattle prices," Mr Seccombe said.
"While that did come to pass we were able to minimise the impact through effective cost management.
"We expect that beef processing returns will continue to be down in the short term but the outlook from late 2018 and beyond is brighter in terms of cattle supply."
The company also reported a 35 per cent increase in supply to its pork processing business.
"During the year a lack of pork processing capacity in Queensland led to a dramatic increase in supply at our Booyong pork processing facility," Mr Seccombe said.
"Even though capacity in Queensland is back up again, growers in the region remain committed to two viable pork processing facilities in the region and we are very appreciative of their support."
Other highlights reported at the AGM included a 15 per cent reduction in lost time injuries over the past year and endorsement of a rebate for members.
"Given our strong financial performance and the difficult conditions facing the industry the Board was pleased to recommend a rebate, as part of the Co-operative's ongoing commitment to members," Mr Seccombe said.
Angela Seccombe, the board's first female director, replaced Lennard Blok in December 2016.
Ron Chittick and Neil Summerville were reelected to the board for a further three-year term.