Murray Goulburn milk intake down almost 30 per cent

 In Australia, NewZealand
Dairy processor Murray Goulburn has reported that its milk intake plummeted almost 30 per cent in the first half of fiscal 2018, and attributed the fall to its “inability to pay a competitive milk price” to farmers.
The processor reported a milk intake of 1.1 billion litres for the half, and total revenue of $1.1 billion in its first half results released to the market on Wednesday morning.
Revenue was hit by the falling milk volume, and dropped by 5.1 per cent, but the fall was partly offset by higher commodity prices and inventory sales.
Murray Goulburn has reached a deal to sell the business to Canadian dairy giant Saputo, but the proposed deal remains subject to approval from the Australian Competition and Consumer Commission and the Foreign Investment Review Board. The ACCC is expected to release the findings of its review of the proposed sale on March 1. Sydney Morning Herald – Read more…

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