North Dakota state mill records $9.7M profit in FY2017
BISMARCK, N.D. (AP) — North Dakota’s state-owned flour mill’s annual profit rebounded slightly a year after the Grand Forks factory sustained big losses due to depressed wheat prices.
The mill on Tuesday reported making $9.7 million during its last budget year, which ended in June. That’s up from $9.3 million profit set the prior year.
The mill set a record $16.7 million profit three years ago.
The mill sells most of its flour in bulk to bakery customers. It also sells small bags of flour through grocery stores.
Most of the mill’s profits go into North Dakota’s general fund, which finances a variety of state programs.
The state Industrial Commission is the mill’s board of directors. Its members are Gov. Doug Burgum, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring.