BEGA Cheese has reported net profit after tax of $22 million for the 2014-15 fiscal year, despite the downturn in global commodity prices.
The result is down from the $29.8m NPAT recorded in the previous fiscal year.
It's also in line with previous guidance issued to the market on May 19.
The company today also announced a normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of $55.7m, down from $70.1m in the previous fiscal year.
Bega says the normalised result excludes the impact of the Milk Sustainability and Growth Program.
The statutory results when including the effect of this program in the 2014-15 fiscal year was an EBITDA of $42m and profit after tax of $12.4m.
In a statement, the company said while the result was down on the previous fiscal year - which included the sales of Warrnambool Cheese and Butter shares - the business "has responded well to a substantive and sustained contraction in global dairy commodity prices throughout the year and strong competition for milk supply".
Bega generated revenue totalling $1.1 billion in 2014-15 an increase of $43m.
It reported strong revenue growth in the consumer packaged goods and nutritionals platforms, as a result of its value adding strategy.
"These platforms grew by a combined $72 million in revenue and highlight the strength in demand for consumer goods, infant formula and growing up powders," the statement said.
"While the value added platforms performed well in challenging circumstances a $29 million reduction in returns from global commodity sales significantly impacted financial outcomes for the business."
Despite the result, Bega says it maintains an optimistic outlook.
"The company achieved a number of key strategic milestones in FY2015 including a step change in milk supply sourcing through its Milk Sustainability and Growth Program, bringing to full production of its new infant blending and canning plant at Derrimut and the strong growth of its consumer goods and nutritional platforms," the company said in a statement.
"The positive outlook, strong business platforms and balance sheet supported a full year dividend outcome consistent with the previous year of 8.5 cps (H2 4.5 cps)."
"Bega Cheese has continued to invest in the future, adding capability and capacity in higher value add consumer goods and nutritionals platforms," Bega executive chairman Barry Irvin said.
"It is pleasing to see that these strategic investment initiatives have enabled the business to maintain its growth momentum even though the global dairy industry has seen a major contraction in the value of dairy commodities”.