Westland Milk will pay its farmers $4.53/kg milksolids for the 2004-2005 season - a figure that compares well with Fonterra's payout of $4.59/kg.
The tiny independent co-operative's chairman Ross Scarlett described the result as strong.
More than half the company's shareholders were now supplying colostrum, which was included in the$4.53 figure and equated to 6c/kg in payout terms.
"To this can be added 6c/kg of additional benefits in the form of costs paid by the company on behalf of suppliers," he said.
A relatively cold, wet spring and early summer saw production on a par with the previous season - but 12 per cent behind budget - which impacted negatively on fixed costs. Revenue, at $229.1 million, was $24.7 million (12 per cent) above that for the previous season. In contrast, overall production, at 64,059 tonnes, was 587 tonnes behind 2003/04.
Scarlett said the company was now selling its range in more that 40 markets.
