Cashflow rises at NZ Dairy Foods

December half-year operating profits at Graeme Hart's New Zealand Dairy Foods rose 3.6 per cent to $37.6 million. Sales rose from $246.2 million to $257.7 million.

The company, which distributes Anchor milk and cheese brands and is the chief rival of Fonterra's consumer products arm in New Zealand, said trading was satisfactory and its financial position remained strong. Cashflow from operations rose $22.7 million to $38.3 million.

New Zealand Dairy Foods is one leg of Hart's transtasman food empire. The other is Burns Philp, which is the Australasian businesses of Goodman Fielder, owner of classic New Zealand brands such as Edmonds, Ernest Adams and Meadowlea.

The NBR Rich List has Hart as New Zealand's most wealthy man with a $1.4 billion fortune.