Keytone Dairy (ASX:KTD) triples profits in 1H FY21 amid record sales growth

Keytone Dairy (ASX:KTD) triples profits in 1H FY21 amid record sales growth

• Food producer Keytone Dairy (KTD) has released its half-yearly accounts, showing it managed to triple its profits over the period
• Normalised gross profit for the company totalled $5.9 million over the first half of FY21, up from $2 million during the first half of FY20
• Despite the increase though, KTD's gross margin did fall slightly from the same time last year, down from 27 per cent to 24 per cent.
• The overall growth in profit was spurred on by record sales growth of $24.5 million, exceeding the 12-month full year FY20 result of $22.5 million
• Keytone also reported a significant decrease in its cash burn, down 83 per cent during the December quarter to take the company cashflow positive
• The consumer stock ended the period with a cash balance of $9 million, after carrying out a $12.5 million share placement
• Shares in Keytone Dairy are trading up 2 per cent at 25.5 cents each

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