Farmlands Co-operative has announced a $7 million net profit for the 2019-20 financial year - a result chairman Rob Hewett says could have been "a damn sight worse".

Profit was down from last year's $8.4 million result, while turnover was $2.6 billion and revenue was $1.1 billion.

The impact of Covid-19 was most keenly felt in April when there was a drop in revenue of more than 30 per cent, chief executive Peter Reidie said.

The co-operative - which has 72,000 shareholders - would have incurred a substantial loss without the response it initiated, which included the Government's wage subsidy ($8.8 million), rent relief, staff remuneration sacrifice, supplier support and other austerity measures, Reidie said in a statement.

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