Canadian owned Warrnambool Cheese and Butter Factory says international demand for dairy commodities remains strong.
The company says its outlook for the remainder of the 2013/14 financial year remains positive, as that demand is supporting improved commodity prices.
Also, the Australian dollar has depreciated from its highs in the 2013 financial year.
"As indicated in our December guidance, the improved market conditions experienced in the last quarter of the 2013 financial year have continued into the 2014 financial year," chief executive David Lord said in a statement.
"The outlook for the full 2014 financial year remains positive."
Warrnambool made a net profit of $31.3 million in the first six months of the 2013/14 financial year, more than double its $15.3 million profit in the prior corresponding period.
The company said profit had been boosted by improved export commodity prices.
The result included $2.1 million in costs associated with the long takeover battle for the company, which recently ended with Canadian dairy giant Saputo taking a controlling stake, which currently stands at 87.92 per cent.
Saputo won out over rival bids from Bega Cheese and Murray Goulburn Co-operative.
Warrnambool did not declare an interim dividend, with its directors saying cash would be retained for reinvestment into the business.
The company's shares were down three cents at $8.62 at 1453 AEDT.