Waikato-based dairy company Tatua has coped with the effects of the drought with little impact on its expected milk production.
Tatua is New Zealand's smallest dairy co-operative and expects milk supply to be 7% down on last year's record flow.
However, chief executive Paul McGilvary said that is close to what it budgetted.
Many Tatua suppliers had to stop milking earlier than usual because of the drought, as did other companies.
Mr McGilvary said about half of the 109 suppliers have dried off their herds now for the season.