[24 November/ Stuff]

Alliance Group has doubled its operating profit to $20.2 million and more than halved its debt from $41 million to $19 million. The co-operative reported a $28 million net profit before tax and farmer rebates, boosted by a one off sale of land at Makarewa. Alliance Group Chairman, Murray Taggart said the co-operative had achieved its result by lifting efficiency, lowering costs and capturing more value from global markets. Mr Taggart added that while it was an improved performance for Alliance, for a company of its size, profitability should be much higher. Alliance farmer shareholders would be receiving a rebate of $11.4 million due to stronger prices for beef, lamb and venison in international markets.