North Dakota Mill achieves record profit
August 2, 2010
BISMARCK, N.D. — Profits of the North Dakota Mill and Elevator in fiscal 2010 were $13.18 million, which compared with a loss of $9.7 million in fiscal 2009 and a loss of $822,000 in fiscal 2008.
The profit was more than double the mill’s previous record of $6.2 million set in 2006. North Dakota Mill said it has transferred 52.5% of the profit, including $6,260,457 to the general fund and $658,995 to the agriculture fuel tax fund. The remainder is to be used for the mill’s operations.
“The major factors contributing to increased profits were a 13.2% increase in shipments, deferred gains from sales made in fiscal year 2009 and basis gains,” said Vance Taylor, mill manager.
Governor John Hoeven of North Dakota added North Dakota Mill set a record in product shipments, with more than 23 million bus of grain milled and sold around the world.