Alliance annual profit falls 25% as strong global supply saps sheepmeat prices

Thu, 12 Nov 2015

By Sophie Boot Nov. 12 (BusinessDesk) - Alliance Group, the world's largest processor and exporter of sheepmeat, reported a 25 percent drop in annual profit as the company competed more aggressively in export markets that were flooded with local product. Net profit fell to $4.6 million in the year ended Sept. 30, from $6.2 million a year earlier, the Invercargill-based cooperative said in a statement. Turnover rose to $1.49 billion from $1.45 billion a year earlier. The company said it had lost between 20 percent and 25 percent of its Chi...

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