Tatua chairman Stephen Allen and chief executive Brendhan Greaney said in deciding the payout, the company was very conscious of sharp increases in farmer costs, as well as the need for continued reinvestment in the business. Tatua had a number of significant capital projects and business improvement initiatives under way during the year.
Milk supply was impacted by a long dry spell in the autumn months, resulting in a 6 per cent fall in collection to 14.7m/kg milksolids on the previous year.
Gearing (debt divided by debt plus equity) averaged 21 per cent for the year, and was slightly higher at year end reflecting increased inventory holdings at balance date, the company said.