DECLINES in global commodity prices combined with high raw milk costs have seen western Victoria's Warrnambool Cheese and Butter record a half-year loss of $1.2 million.
It represents a decrease of $18.1 million compared with the six months to September 30, 2014.
WCB has changed its financial year end to March 31, with the half-year end reporting date changed to September 30.
"The decrease in profits is mainly due to declines in global commodity prices and a high raw milk cost relative to market conditions," the company said in a statement.
"The depreciation in the Australian dollar only partially offset the effect of the above."
WCB said it also incurred after tax costs of $3.2m associated with the acquisition and integration of the everyday cheese business bought from Lion Dairy and Drinks for $137.5 million on May 25 this year.
Looking ahead, WCB says there has been "some recovery" in international dairy prices, which "should result in improved returns" over the remainder of the financial year.
No interim dividend was declared for the half-year.
