Wednesday 31st August 2016 |
Text too small? |
State-owned corporate farmer Landcorp reported a $9.4 million operating loss in the year to June 30, as declining dairy prices hit revenues.
The result compared with a $4.9 million operating profit the previous year, itself an 84 percent decline on the previous year.
Statutory profit was $11.5 million, reflecting the one-off receipt of $7.4 million from land sales and unrealised "revaluation movements on items such as livestock, farm properties and financial assets, e.g. co-operative shares", a spokesman for the company said.
"It's been a tough year for the entire dairy sector, so our result is solid in that context," said chief executive Steve Carden. "The result would have been lower without the progress already being made to strengthen our farming systems" and its high value Pamu product range.
Landcorp announced during the year that it would stop converting central North Island land to dairy farms.
Revenues for the year fell to $209 million from $224.3 million the year before.
The company has yet to release full financial statements.
BusinessDesk.co.nz
No comments yet
Fletcher Building Announces Director Appointment
Meridian issues new demand response exercise notice to NZAS
CRP - Chatham Closes Private Placement of Shares
General Finance - Olympic Term Deposit Promotion featuring a Special Bonus of 0.1%
July 22nd Morning Report
VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report