By LIAM DANN
Graham Hart's New Zealand Dairy Foods (NZDF) has reported a profit of $18 million for the six months to December 31.
A change in reporting dates makes comparisons with the previous year difficult.
In 2002, the company reported results to November 30, which included just five months and nine days
of trading. This latest result is 65 per cent up on that period.
Year on year, sales volumes were up just 3 per cent, however. Growth came from beverages, cultured foods and speciality cheese, Hart said in his chairman's report.
The report, a relatively spartan effort, alludes several times to "a number of initiatives" which were behind the positive result but does not elaborate.
The latest half-year profit was based on total operating revenue of $246 million.
Net operating cashflow was $15.6 million and earnings per share were 18c.
NZDF controls the Anchor brand in New Zealand and is the largest domestic competitor to Fonterra in the consumer dairy sector.
It is a wholly owned subsidiary of Hart's Rank Group. The company is not listed but reports to the stock exchange because it has on issue $150 million in capital notes.
