Wednesday, 30 November 2016 11:17

Westland lifts forecast

Written by 
Chief executive Toni Brendish. Chief executive Toni Brendish.

Hokitika-based Westland Milk Products, New Zealand’s second largest dairy co-operative, has lifted its payout prediction for the 2016-17 season to a net range (after retentions) of $5.30 to $5.70/kgMS.

The cooperative’s previous estimate for the season was a net range of $4.55 to $4.95/kgMS.

Chief executive Toni Brendish says the lift in payout prediction has been made possible by two factors.

“Firstly,” she says, “global dairy market prices have increased and Westland has been able to take advantage of that.

“Secondly, we have made a number of improvements to the efficiency of our production and quality assurance processes resulting in savings that can be passed on to shareholders.”

Brendish says the global dairy market remained volatile and industry commentators did not have a consensus on where final payout figures were likely to settle.

“The improvements in the market give us sufficient confidence to take a cautiously optimistic approach and raise our payout prediction accordingly.”

Brendish says that Westland would also raise its advance payout rate to shareholders to $4/kgMS (up from $3.80).

More like this

Top dairy CEO quits

Arguably one of the country's top dairy company's chief executives, Richard Wyeth has abruptly quit Chinese owned Westland Milk Products (WMP)

Wrong, again!

OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour Agriculture Minister Damian O’Connor when Chineseowned Yili took over the troubled dairy company Westland Milk a few years back.

Milk price certainty

Westland Milk has reaffirmed its commitment to pay farmer suppliers 10c above Fonterra farm gate milk price for the following two seasons.

Featured

Winston Peters questions Fonterra divestment plan

Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.

National

Machinery & Products

New McHale terra drive axle option

Well-known for its Fusion baler wrapper combination, Irish manufacturer McHale has launched an interesting option at the recent Irish Ploughing…

Amazone unveils flagship spreader

With the price of fertiliser still significantly higher than 2024, there is an increased onus on ensuring its spread accurately at…

» Latest Print Issues Online

Milking It

Tough times

OPINION: Dairy industry players are also falling by the wayside as the economic downturn bites around the country.

MSA triumph

OPINION: Methane Science Accord, a farmer-led organisation advocating for zero tax on ruminant methane, will be quietly celebrating its first…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter