The result was also ahead of the company's prospective financial information forecast of $10.8 million.
Earnings before interest, tax, depreciation and amortisation (ebitda) were up 74.2% from $22.1 million to $38.5 million, while revenue was up 11.5% from $376.8 million to $420 million.
Profit targets were achieved because of margin growth from increased sales across the company's value-added products and despite revenue being slightly behind target because of lower than expected infant formula sales, managing director Dr John Penno said.
The company, which was launched in 2005, remained confident of meeting its long-term objectives for its infant formula and nutritionals business despite missing volume targets, primarily because of market disruption caused by Chinese regulatory changes at the end of the financial year.
''We are well positioned to take advantage of new regulations taking place in China that focus on quality standards, product pricing as well as a consolidation of brands,'' Dr Penno said.
A total average milk price of $5.89 per kg ms was paid to the company's milk suppliers.
The focus in the 2014 year would be on continuing to achieve operational targets and on the execution of its growth initiative projects to support the development of its infant formula and nutritionals business.
Those projects included a lactoferrin plant and a blending and canning facility.
Building of the lactoferrin plant was under way and it was due to be commissioned in January next year, while the blending and canning facility was due to be commissioned ahead of schedule in June next year.
With its present focus ''firmly on growing the company'', no dividend would be paid for the year to July this year, or for the year ending July 2014.
The overall milk supply was up 6.2% on the previous year at 46,768kg ms, while contracted milk supply was up 12% at 42,076kg ms.
The company completed its initial public offering in July. FrieslandCampina Investments Holding BV, a subsidiary of Dutch dairy giant Royal FrieslandCampina, took a 7.5% shareholding, while Chinese company Bright Dairy and Food Co Ltd dropped its shareholding to 39.12%.
• Fonterra will announce its full-year result today.
