Mackay Sugar has yielded a profit of $16.3 million in the financial year to May 2013, thanks mostly to the acquisition of Mossman Mill.

The report on profits came on Wednesday as Mackay Sugar held it’s AGM in Mackay and was telecast via a live video stream to a venue in Mossman, which reported the profit was a $28.8 million improvement on the $12.5 million loss recorded in the 2012 financial year.

Mackay Sugar handled a crop of 5.6 million tonnes and 508,867 tonnes in Mackay and Mossman respectively in the 2012 season (2011 season: 4.2 million tonnes; 411,012t) and produced more than 820,000 tonnes of raw sugar in Mackay and 63,500 tonnes in Mossman.  

Mackay Sugar Chairman, Andrew Cappello, discussed the major milestones achieved in the reporting period and said the year under review was a year of significant progress for the company, after having experienced poor results over the previous two seasons, due to wet weather. 

“We delivered a number of exceptional outcomes in the reporting period, including the acquisition of Mossman Mill in June 2012, the completion of our Racecourse Cogeneration Plant in September 2012 – our first large scale renewable energy plant, and carried out a major boiler upgrade at our Marian Mill,” he said. 

Mackay Sugar Chief Executive Officer, Quinton Hildebrand, provided shareholders with an account of the operational performance for the current season and the strategies aimed at improving results for the company in the years ahead. 

Shareholders in attendance at the meeting were also required to vote on a Notice of Motion to investigate the possibility of floating 100 per cent of the company on the Australian Stock Exchange, however, the vote was not carried, with an overwhelming majority of shareholders voting against the motion, which confirmed to the Board that Mackay Sugar growers want to maintain control of their company. 

The election of directors was also announced at the meeting, with Lawrence Bugeja, a third generation cane farmer, elected as Board Director, and Chairman Andrew Cappello reappointed as Director for a three year term.  

Mr Bugeja replaces outgoing Grower Director Rex Stroppiana who has served on the Mackay Sugar Board for nine years. The board comprises five grower directors and three independent directors.