{"id":336371,"date":"2023-08-28T14:58:32","date_gmt":"2023-08-28T04:58:32","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=336371"},"modified":"2023-08-28T17:21:43","modified_gmt":"2023-08-28T07:21:43","slug":"bega-records-229m-book-loss","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2023\/08\/28\/bega-records-229m-book-loss\/","title":{"rendered":"Bega Records $229m ‘Book’ Loss"},"content":{"rendered":"

August 28, 2023<\/strong><\/p>\n

Bega Cheese – owners of the Kingaroy-based Peanut Company of Australia – has recorded a $229.9 million statutory loss after tax.<\/p>\n

However, its “normalised” results – adjusted to remove the effects of a one-off $230 million revaluation of some assets – showed a profit after tax to June 30 of $28.5 million.<\/p>\n

This was still down 38 per cent on the previous 12 months despite a rise in revenue and working capital.<\/strong><\/p>\n

Bega released its full year audited results in a statement to the ASX last Thursday.<\/p>\n

“The group achieved revenue of $3.4 billion for the year, up 12 per cent on the prior year, closing the year with a net debt of $203.6 million, a reduction of 23 per cent on FY2022,” the statement said.<\/p>\n

Working capital was up 57 per cent to $224.8 million.<\/p>\n

The statement blamed a continued decline in milk production in Australia, and excess milk manufacturing capacity, for creating “a highly competitive milk procurement environment”.<\/strong><\/p>\n

It pointed to a “disconnect” between Australian farmgate milk prices and “returns from internationally traded commodity markets”.<\/p>\n

The company has planned a restructure to cut costs in bulk dairy commodity production but at the same time keep the capacity to respond to international commodity market opportunities when they arise.<\/p>\n

It announced a 3.0 cents per share final fully franked dividend, taking the total dividend for the year to 7.5 cents per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bega Cheese – owners of the Kingaroy-based Peanut Company of Australia – has recorded a $229.9 million statutory loss after tax.<\/p>\n","protected":false},"author":20,"featured_media":232167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[],"yoast_head":"\nBega Records $229m 'Book' Loss - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"Bega Cheese - owners of the Kingaroy-based Peanut Company of Australia - has recorded a $229.9 million statutory loss after tax.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2023\/08\/28\/bega-records-229m-book-loss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bega Records $229m 'Book' Loss - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"Bega Cheese - 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