Casino meatworks declares ?positive? $3m profit result
By Nerida Blok
One of the region's largest employers, the Northern Co-operative Meat Company, announced a $3 million profit at its annual general meeting in Casino yesterday.
Co-operative chairman Peter Carlill announced the 'net operating profit after income tax' in front of an audience of about 60 shareholder members.
The profit result was $1.2 million up on the previous year.
Mr Carlill, who was returned to the meatworks board for a further three-year term at yesterday's AGM, said the co-operative was in a sound financial position with shareholders' equity reaching $40 million, current assets exceeding current liabilities by $26 million and a fully-franked dividend of 15 per cent on shares paid to all shareholders.
He said Frank Bray was also returned to the board for a further threeyear term.
General manager Gary Burridge said he was pleased with the result.
"It has been a difficult year, with livestock numbers down and the Booyong facility also having a difficult year," he said.
"The profit was achieved in a year that was relatively kind to Australian meat processors due to the ban on US product by Japan and Korea because of BSE (bovine spongiform encephalopathy)."
Mr Burridge described this year's meeting as 'positive' where members were given information about the potential future of the beef industry.