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

 


Dairy Brands Forecasts Full Year Profit

NEWS RELEASE EMBARGOED UNTIL 10 FEBRUARY 2000


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Former majority shareholders, Savoy Equities, has now been replaced by a new base of shareholders.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


ENDS

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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news