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


Landcorp Achieves Record Net Operating Profit

New Zealand’s largest agricultural enterprise, Landcorp Farming Ltd has achieved its highest net operating profit in its 14 year history.

The State Owned Enterprise Group earnings before interest and tax to June 30 were $36.2m, up 46.9% on the previous year.

The Board Chairman Alison Paterson says the result was achieved through productivity increases, genetic improvement in livestock, staff development, and land rationalisation and development.

“These factors, combined with good product prices and a favourable exchange rate, have significantly lifted the performance of the company,” she says.

Net profit after tax for the Group was $15.8m.

This, together with increases in asset valuation, represents a return on average shareholders’ funds of 14.2%.

Landcorp has provided for a final dividend of $10.4m, which is payable on 31 October, 2001. The company paid an interim dividend of $8.2m in March this year. The total dividend of $18.6m represents 14.9c per ordinary share.

Mrs Paterson says Landcorp is optimistic that the favourable market prices achieved this year will continue in the near future.

“These prices, and the low value of the New Zealand dollar, will assist to offset the influence of a weakening global economy.

“We are confident productivity gains, planned investment strategies and diversification into other forms of livestock farming will result in Landcorp remaining a profitable and viable investment for the Government,” she says.

For further information:

Chris Kelly Alison Paterson
Chief Executive – Landcorp Chairman - Landcorp
Ph: (04) 471-0745 Ph: (09) 529-1835
Mob: (025) 249-8883 Mob: (021) 985-337

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>