News: MGC Australia's Murray Goulburn lifts annual profits 61 pct

SYDNEY, Aug 24 (Reuters) - Murray Goulburn (MGC) , Australia's largest dairy processor, said on Wednesday its annual net profit for 2016 rose more than 60 percent.

Murray Goulburn said net profit after tax during the 2016 financial year totalled A$40.6 million ($30.91 million), an increase of 61.2 percent from the previous year and matching analysts' expectations.

The increase in profits comes despite Murray Goulburn reporting a decline in revenues. The Australian dairy processor said annual revenues totalled A$2.78 billion, a fall of 3.3 percent from the previous year.

($1 = 1.3135 Australian dollars)