28 Feb 2013

Miraka Ltd looks forward to 2nd year of profit

6:32 am on 28 February 2013

New Zealand's only Maori owned and controlled dairy company is looking forward to making a profit for its shareholders, for the second year in a row.

Miraka Limited which opened a factory near Mokai north west of Taupo in late July 2011, is a joint venture between Tuaropaki Kaitiaki and Wairarapa Moana Corporation.

Chairman Kingi Smiler said the company managed to make a profit in its first year of operation, which given the history of start up companies was very pleasing.

He said the intake of milk in the current season has exceeded expectations, and whereas the directors were planning to have the factory working to capacity in its third year, that's already happening.

Because of the volatility in price internationally for milk powder, Mr Smiler said Miraka is looking at ways to add value to the milk it processes.