It followed two very difficult years for the co-operative, with $36.5 million and $42.3 million losses posted, in 2013 and 2012 respectively.
Chairman Rob Hewett described it as a positive result which confirmed changes made to the business were setting the company on the right track after two years.
While the absolute level of profit was unacceptable, it was a ''signpost on the path to where we need to get to'', he said.
The result included a provision taken of $3.3 million, following an Employment Relations Authority (ERA) decision announced earlier this month which ruled it made more than 100 Silverstream meat workers redundant.
The New Zealand Meat Workers Union went to the ERA seeking redundancy payments for up to 180 staff.
Silver Fern Farms had argued the usual seasonal layoff had just been extended, meaning no redundancy situation existed, but the ERA disagreed.
Mr Hewett said the decision was unexpected and the company believed it was prudent to take the provision while it considered its ''next steps'' over the coming month.
Adjusting for that, the company was in line with its profit guidance issued at the end of October, which signalled earnings of $5 million to $7 million.
Debt was down $99 million from $387.6 million to $288.6 million, while the equity ratio had improved from 38.7% to 45.2%.
''We know many of our farmer shareholders see improved profitability and debt reduction as a priority for the company which is what we have delivered,'' he said.
The company was committed to creating a sustainable co-operative and, to achieve that, it needed to materially lift its level of profitability and further reduce debt. Plans were in place across the business to achieve those goals.
While it was early in the new season, it was pleasing to note it was trading ahead of last year for the first two months of the new financial year, and with lower levels of inventory and debt.
In October, Mr Hewett announced the timing was right for the company to look at capital structure options.
The company was now working with Goldman Sachs to advise on options to create a more sustainable business and capital structure.
''With an improved capital position, there is the potential to invest in the business to further improve the efficiency of our plant network, and to accelerate our value-added programme which has shown great potential although still in its infancy in international markets,'' he said.
Chief executive Dean Hamilton said the return to profit and debt reduction had come from a stable market for key commodity products, a strong focus on plant performance and inventory management, a new regional procurement structure, and good progress for high-value products locally and in new markets.
The new season started positively and the company was processing more than 200,000 lamb and mutton and 20,000 cattle each week, meaning it had the most capacity of any company. Despite that, there was still demand for space, he said.
While end-market prices across lamb, beef and venison had been weakening off highs seen earlier in the season, they remained at good historical levels, he said.
The company's annual report will be available at the end of January. Its annual meeting will be in Dunedin on February 18.
