The profit before tax soared to $6.5 million in the period from $1.67 million in the previous corresponding period (pcp).
Taxation expense rose to $2.8 million from $503,000 in the pcp, to give an after-tax profit this year of $3.7 million, up from $1.2 million in the pcp.
Revenue increased by 17.6% to $100 million in the reported period and earnings before interest and tax (ebit) rose by 46% to $15.1 million, from $10.3 million.
A 19.5c per share tax-paid dividend was declared.
Chairman Graham Cooney said the return of contracts in November last year confirmed the drastic effect of the storms.
"This was the catalyst to speed up discussions regarding a strategy that would provide a more reliable supply of animals that meet both processing and market requirements."
As a result, Blue Sky Meats entered into a relationship with finishers using modern agronomy and other technology with the aim of providing animals on time and within specification.
The relationship had a long way to go but this year was an important first step, he said.
The policy was not aimed at replacing the contracting system but would work alongside it.
Eventually, the technology would provide assistance to contracted clients, both in terms of extra income to Blue Sky shareholders and the availability of proven technology to farmer supplies.
"The major benefit is meeting throughput and market requirements in a structured manner.
The strategy is not without risk and the next phase concerns policies that minimise the risks," Mr Cooney said.
The obvious procurement highlight was the largest year-on-year gain in supplier income in the company's history at the same time as achieving an "acceptable" company return.
Lamb and mutton procurement were challenging with an early finish to the 2009-10 season, an elevated mutton kill in October, following the September storm, and a slow start to the normal seasons, partly because of the early mutton kill but accentuated by suppliers holding stock back to increase weights, he said.
"Given the challenges described, it was satisfying to provide more employment than expected for seasonal staff. The need to provide an acceptable annual return to workers in order to recruit and retain the type of staff the industry requires, is often overlooked in discussions that normally concentrate on farmer and company income," Mr Cooney said.
Analysis of the accounts showed that Blue Sky held $14 million of livestock on its books this year compared with nothing in the pcp.
However, in 2010 $340,129 of livestock was counted in the company's inventories. Finished goods went up to $17.6 million this year compared with $15.6 million in the pcp.
Net assets at balance date were $28.1 million.
