Weak red meat prices drop ANZCO Foods' profit nearly 60%

ANZCO Foods chief executive Peter Conley. (Image: ANZCO)

Tue, 07 May 2024

A weak red meat market has dropped Japanese-owned meat processor ANZCO Foods’ profit by nearly 60%. The company reported a net profit after tax of $44.4 million for the 12 months to the end of December last year, compared to $106.6m in the 2022 year.On a before-tax basis, profit plummeted from $147.7m in the 2022 year to $60.9m.Turnover, however, was reasonably stable at $1.83 billion for the 2023 year compared to $1.9b in 2022.Earnings before interest, tax, depreciation, and amortisation fell to $110.4m, compared to $185.3...

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