Profit was $29.8 million in the 12 months ended September 30, 2014, from $18.2m in a 14-month period a year earlier, the Auckland-based company's annual report showed. Open Country changed its balance date to September 30 from July 31 in 2013.
Sales jumped to $908m from $635m, while cost of sales rose to $858m from $597m, allowing the company to increase gross profit by 31%.
The 2014 year took in a season in which farmers received a record payout for their milk, while global dairy prices tumbled in the second half from near their highest levels in seven years.
This year, the mix was "more volume, lower revenue and lower cost of goods sold," chairman Laurie Margrain said. "I would like to think it is another strong result.”
Open Country didn't declare a dividend. Margrain said the company was reinvesting in stainless steel for growth.
Talley’s, the privately-held maker of foods ranging from frozen fish to ice cream, increased its holding in the company from 55.5% in late 2013 by buying shares from Singapore’s Olam International, which is the second-largest shareholder with a current stake of 15%, for as much as $46.5m.
The company was relatively unaffected by drought which has disrupted milk production in some parts of New Zealand because none of its catchments were in the most adversely affected areas, Margrain said.
