DairyNZ's income is forecast to fall over the next year as farmers tighten milk supply but its chief executive says, despite that, it is still in a good position.
DairyNZ chief executive Tim Mackle Photo: RNZ / Robin Martin
The industry organisation held its annual general meeting in Morrinsville, Waikato yesterday, where it recorded a $424,000 profit.
It is funded through a levy on milk solids, set at 3.6 cents per kilogram, and provides the dairy industry with research and development, biosecurity and product integrity and helps to develop on-farm profit as well as industry leaders.
Chief executive Tim Mackle said while the organisation was non-profit, the surplus has given it room to breathe for the year ahead.
"Our income is based on milk solids production, so we're expecting a reduction in milk this year and that will reduce the income for DairyNZ, but we've got some buffer in the system and we can breathe in, just like farmers have to, so we're fine.
"Of course government funding is a big part of what we invest as well and those partnerships are key area of focus for us going forward as well."
Elaine Cook, Ben Allomes and Michael Spaans were also elected to DairyNZ's board yesterday.