In August it announced that it had returned to the black for the year to 31 March, posting a pre-tax profit of £360,000.
In its first-ever set of half-year results, it revealed that it has since managed to build further on its turnaround.
Pre-tax profits for the six-months to 30 September stood at £3.2m compared with a £9m loss for the same period last year.
Turnover increased by £24m to £280m, while bank debt was down £32m to £63m in the same period.
Compared with the previous year's figures, the latest results showed a greatly improved performance and demonstrated "continuing momentum", said First Milk chairman Bill Mustoe. First Milk paid 2.2ppl extra to its farmers during 2010.