That was up on the previous year's result of $870,000 and represented a return of 22% on average shareholders' funds. A dividend of $950,000 was also declared.
While it was a result the company could be proud of, there was ''much more to be done to advance its fortunes'', chairwoman Ruth Richardson said.
In November last year, the board adopted an ambitious business plan which sought to double the value of the company over three years.
''We are now halfway through this process with the financial result in year one representing a pre-tax 27% improvement on the previous year.
''The current year has started strongly and management are fully focused on advancing these ambitious business goals,'' she said.
NZM chief executive John Brakenridge said the industry faced many challenges.
They included global prices falling, industry profitability - it was particularly tough for fine and superfine growers - loss of scale through land tenure and alternative land use, changing consumers' needs and channels to market, and huge increases in fine and superfine production in Australia.
In addition, there were several company and industry-specific issues that needed to be addressed - industry consolidation and rationalisation, given the total New Zealand wool industry decline, and the diminishing relevance of the company's supply base to shareholder base.
NZM shares were distributed 12 years ago. However, now only 56% of its shareholders were suppliers to the business.
Growers had left the industry and there had been other shareholding changes, Mr Brakenridge said.
There were ''numerous'' opportunities for NZM to continue to grow as a business, delivering value to shareholders and stakeholders alike, he said.
The goal of doubling the value of the business by June 2016 would only be achieved through meeting the challenges and capturing the opportunities, he said.
