Beleaguered Westland Milk Products has achieved a profit turnaround and promised co-op shareholders to do better this dairy season.
It has also confirmed its target forecast payout range of $6.40-$6.80.
Westland Milk Products payout to farmers of $3.88 per kilogram of milk solids, was the lowest in the country in the 2015-16 season, as the company booked a $10.3million loss.
For the 2016-17 season, the farmer payout to its 342 shareholders rose to an average cash payout of $5.18, totalling $338.7million, while Westland's profit was $1.5million. Fonterra's forecast payout for this season is $6.75 and Synlait's $6.50. Westland chairman Pete Morrison said last week while the result was improved, it was "still not industry competitive".
![Pete Morrison](https://www.nzherald.co.nz/resizer/v2/HZEQ7VV6TMTB4MLMIW57FO2WQY.jpg?auth=96d35289c4461e732cf1c2f35009a6528970e3d8860b755cb5f1bc9b240a6dde&width=16&height=16&quality=70&smart=true)