Turnover down but profit up at world's largest dairy processor
Dairy Farmers of America (DFA), the largest milk processor in the world, has reported sales of $13.5bn (€12.55bn), down from $13.8bn (€12.83bn) for 2016.
Average milk price paid to the co-op’s members was $16.22/100 pounds (33.25c/l).
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However, net income rose to $131.8m (€122.57m) from $94.1m (€87.51m) the previous year.
The drop in turnover was attributed to lower milk prices paid to its producers. Average milk price paid to the co-op’s members was $16.22/100 pounds (33.25c/l) compared with $17.18/100 pounds (35.22c/l) paid out in 2015.
DFA directed the marketing of 62.6bn pounds (28.45m tonnes) or 29% of US milk supply through the co-op’s consolidated businesses.
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DFA announced plans to construct a new cheese plant in Michigan with Glanbia PLC, Foremost Farms and Michigan Milk Producers. The co-op also broke ground on a premium cheddar cheese facility in western New York, which is a joint venture between the co-operative, DFA members from western NY and Arla Foods of Denmark, plus the continued construction of a new dairy ingredients plant in Garden City, Kansas.
Meanwhile, it was also announced this week that Fonterra, the largest dairy exporter in the world, had a 2% increase in profit, reaching $418m.
The New Zealand-based co-op had a revenue of $9.2bn, recording a 5% rise.
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However, net income rose to $131.8m (€122.57m) from $94.1m (€87.51m) the previous year.
The drop in turnover was attributed to lower milk prices paid to its producers. Average milk price paid to the co-op’s members was $16.22/100 pounds (33.25c/l) compared with $17.18/100 pounds (35.22c/l) paid out in 2015.
DFA directed the marketing of 62.6bn pounds (28.45m tonnes) or 29% of US milk supply through the co-op’s consolidated businesses.
DFA announced plans to construct a new cheese plant in Michigan with Glanbia PLC, Foremost Farms and Michigan Milk Producers. The co-op also broke ground on a premium cheddar cheese facility in western New York, which is a joint venture between the co-operative, DFA members from western NY and Arla Foods of Denmark, plus the continued construction of a new dairy ingredients plant in Garden City, Kansas.
Meanwhile, it was also announced this week that Fonterra, the largest dairy exporter in the world, had a 2% increase in profit, reaching $418m.
The New Zealand-based co-op had a revenue of $9.2bn, recording a 5% rise.
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