Meat processor and exporter ANZCO Foods is back in the black with a net after tax profit of more than $12 million for the 2012-2013 year and an increased cash flow.
The country's second biggest beef and fourth largest sheepmeat company made a loss in the previous very difficult year in common with the rest of the industry.
ANZCO chairman Sir Graeme Harrison says while it's not the only meat company to return to profitability, there is a contrast with others in the industry.
He says the group's positive cash flow for the last two years and a swift return to profitability shows the loss-making year was a blip.
Sir Graeme says ANZCO Foods has announced its audited financial results earlier than it needed to set at rest rumours in the meat industry about the financial state of individual companies and to reject suggestions that ANZCO has been promoting industry change because of its weakened financial position.
He says the company has been exploring rationalisation options with the two big meat co-operatives, Silver Fern Farms and Alliance because the industry has to change.
He says ANZCO supports moves to a managed solution rather than leaving matters completely up to to market forces.
Sir Graeme says despite the Government turning down legislative backing for a proposal to introduce a tradeable processing rights system, the industry needs to continue searching for a way to solve its over-capacity.