Warrnambool Cheese and Butter Factory has returned to profit, but warns that returns remain vulnerable to variations in milk prices and the Australian dollar’s exchange rate.

The dairy product producer has booked a profit of $20.8 million in the six months to September 30, after posting a loss of $1.15 million in the same period of 2015.

Warrnambool also lifted revenue 10 per cent to $325.9 million.

The company says the stronger results are down to improved returns from its consumer goods business, joint ventures, a lower Australian dollar and the $8.8 million sale of Dairy Technical Services Limited.

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