Keytone Dairy Corporation Limited (ASX: KTD) is into manufacturing and exporting of formulated dairy products. The company is an established brand, coupled with being a trusted production partner, who contracts packing for reputed brands in New Zealand and around the globe. KTD provides an array of dairy and nutrition packing solutions to meet the varied requirements of costumers from a diversified markets and cultures.
The company on 19 March 2019, announced that it has achieved organic certification from AsureQuality for its facility in Christchurch, New Zealand to produce Organic Instant Whole Milk Powder.
AsureQuality is a State-Owned Enterprise of the New Zealand government, which performs organic audits on behalf of the New Zealand Ministry of Primary Industries. KTD has passed several rigorous audits on achieving its organic status. These audits are in addition to the audits the company complies, with frequently from the Ministry of Primary Industries, Keytone has now been awarded by the accreditation: AsureQuality Organic Standard V7, MPI Official Organic Assurance Programme Technical Rules for Organic Production V7.1.
AsureQuality is a specialist in quality assurance knowledge and has an extensive range of domestic and international accreditations and approvals, which makes it the trusted partner for food companies.
Organic Certification from AsureQuality follows the previously announced and highly sought-after AA accreditation from the British Retail Consortium for food safety. KTD can now progress to the final stage of being accredited as an organic exporter by the NZ Ministry of Primary Industries.
The CEO of the company James Gong said that the company is extremely pleased to have achieved organic certification from AsureQuality. The achievement of Organic Certification by the company in Christchurch speaks to the depth and quality of its product manufacturing capabilities and quality procedures.
He further added that the company was looking forward to the opportunity that organic certification had offered in terms of product expansion and development. The company will update the market as it continues to execute on its 4-pillar growth strategy and achieves organic exporter status from the Ministry of Primary Industries.
On the quarterly financial performance front, the sales revenue was up 18% for the quarter of 31-Dec-2018 compared to the corresponding quarter, in the last financial year. The total sales revenue for the nine months ended 31 December 2018 increased by 80% to $1.9 million compared with the corresponding period last financial year. Sales of Keytone Dairy proprietary branded powder products for the quarter were up 116% compared with the previous quarter. The total cash receipts for the nine months ending 31 December 2018 increased by 72% compared with the corresponding period last financial year.
On 23 January 2019, the company announced the launch of new products.
On the price-performance front, the stock of Keytone Dairy Corporation closed at A$0.380, by the end of the trading session as on 19 March 2019. The company has a market capitalisation of A$57.0 million. The stock has generated a negative YTD return of 1.30%, and returns of -46.0%, 1.33% and 5.0% over the past six months, three months and one-month period. It had a 52-week high price of A$0.870 and a 52-week low price of A$0.250, with an average trading volume of ~232,217.
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