Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Dairy Brands Forecasts Full Year Profit



Dairy Brands New Zealand Limited (Dairy Brands) today announced a net loss of $868,000 for the six month period ended 30 November 1999. This compares with a net loss of $1.713 million for the previous corresponding period.

Dairy Brands is forecasting a return to profit for the 1999/2000 financial year, following substantial losses in the last two years ($1.929 million in 1998/99).

Revenue for the half year was down 11.9 per cent to $2.5 million, compared with $2.84 million for the previous corresponding period. Total shareholders' equity was
$20.5 million at 30 November 1999 compared to $21.4 million at 31 May 1999. Total assets were $38.9 million, compared to $40.6 million at 31 May 1999.

Significant change has taken place in the management structure and ownership of Dairy Brands in the six months since the last balance date.

Former majority shareholders, Savoy Equities, has now been replaced by a new base of shareholders.

Mr Peter Jensen was appointed chairman in December following the Hon. Ruth Richardson's resignation. Institute of Directors chief executive Mr David Newman was also appointed a director.

Mr Jensen says that while there have been some costs associated with the implementation of the new management contract with Agriculture Resources Limited (ARL), these will be more than offset by the early impact of cost control measures.

Dairy Brands currently comprises a portfolio of 2,469 effective hectares spread over 14 farms. Twelve of these properties are managed by sharemilkers and two are company managed. The company commenced the season milking a total of 7375 dairy cows.

Production for the reporting period was 1.15 million kilograms of milk solids - 8 per cent higher than the corresponding period for the previous year.

Intensive reconfiguration of the supplementary feeding system is planned, which will result in further lowering of production costs without threatening milk flows. Consistent milk quality has been maintained throughout the period by all farms.


Issued by Shandwick International - New Zealand
on behalf of Agriculture Resources Limited

© Scoop Media

Business Headlines | Sci-Tech Headlines


Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>


Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>


Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>