The AFFCO meat company has announced an after-tax profit of $21 million for the past financial year.
That compares with a $25 million surplus for the previous year.
AFFCO chief executive Hamish Simson says the company was able to achieve a solid result despite the underlying challenges of falling livestock numbers and unfavourable exchange rates.
He says it's expecting similar challenges in the current year, with high exchange rates continuing to erode the significant lifts in market prices achieved so far this year and further declines in livestock numbers affecting processing plants.
AFFCO's competitor Silver Fern Farms reported an $800,000 net operating loss before tax for the past year, compared with a $5.4 million profit for the previous year.
And meat co-operative Alliance has reported an operating surplus of almost $30 million, compared with the previous year's surplus of more than $42 million.