Wednesday, 08 May 2024 15:55

Wrong, again!

Written by  The Hound

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.

O’Connor claimed it would be end of the world and West Coast dairy farmers would be the losers.

However, it seems – like his election result last October – the only loser in this case is O’Connor.

The company recently notched up its second impressive annual result in a row, with a 43.7% lift in net profit to $55.9 million in 2023.

It was also above 2022’s $38.9m record-breaking result and a $120m rebound from 2021.

Since Yili bought the once troubled company in 2019, former shareholder farmers have not only had record profits but also received a cash payment of $3.41 a share and a 10-year guaranteed competitive milk payout.

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