State Mill Records $6.2M Profit in 3QNorth Dakota's state-owned flour mill made $6.2 million in profits during January, February and March, and it expects to break an annual profit record it set last year, its manager reported Wednesday.
By: Associated Press,
BISMARCK, N.D. (AP) — North Dakota's state-owned flour mill made $6.2 million in profits during January, February and March, and it expects to break an annual profit record it set last year, its manager reported Wednesday.
Vance Taylor, president of the state Mill and Elevator in Grand Forks, told the state Industrial Commission the mill has made almost $12.3 million during the first nine months of its budget year, which ends June 30.
Increased demand has been coming from bakeries and the restaurant trade, Taylor said in an interview.
"Business through our flour distributors has been strong, and some of the large bakeries that we're shipping to have also been very busy, creating extra demand for us," he said. "It's been nice."
Sales during the quarter jumped 33 percent, to $70.4 million, when compared to the same three-month period a year ago. Flour shipments rose 8 percent, to 2.81 million hundredweight.
The mill sells mostly bakery flour that is used to produce bread, rolls, pizza dough, bagels and other products. It also markets semolina and durum flour, which is used to make pasta.
In its last budget year, the mill posted a record $13.2 million profit.
The state Industrial Commission is the mill's board of directors. Its members are Gov. Jack Dalrymple, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring.