Norco reports $5M profit
A NET profit of $5.37 million for the 2011/12 financial year has been announced by Norco Co-operative in its new annual report.
The figure is a further improvement from the previous profit of $4.2 million recorded in the 2010/11 period.
Norco is a dairy co-operative stablished in Byron Bay in 1895, and currently owned by the 160 dairy farmer who supply it with milk.
The co-operative has 279 active shareholders, a membership capital base of $6.7 million and annual revenue of $355 million.
The report states that the 2011/12 financial year is also "the fourth consecutive year that Norco has recorded and EBTDA (Earnings before Interest, tax, Depreciation and Amortisation) greater that the previous year.
Norco's EBTDA for 2011/12 was reported on $11.77 million.
Milk intake from member suppliers was 148.7 million litres for the 2011/12 period.
Staff employed as of June 30, 2012, was 569 people between Norco Foods (347), Rural retail (164), Agribusiness (42) and Corporate (16).
Norco's Chairman and dairy farmer, Greg MacNamara, attributed the positive finance results on their focus on quality.
"Our key competency is about manufacturing products with integrity. We are trying to sell that concept and customers have been taking charge of it. Whatever we manufacture, we want to be know at being very good at it," Mr MacNamara said.
Norco's Ice Cream Business Unit (ICBU), located in Lismore, saw growth in production to 40.5 million litres in the 2011/12 financial year.
This meant an increase of 15.7% from the previous year.
"The effects of a cool summer unfortunately slowed down our sales expectations, however the ICBU finished the year with a healthy result," the Norco Foods section of the report says.