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

 


PGG Wrightson lifts 1H profit by 55%, pays 2.2 cent dividend

PGG Wrightson lifts 1H profit by 55% on retail, Ag Services, pays 2.2 cent dividend

Feb. 27 (BusinessDesk) – PGG Wrightson, the rural services company controlled by Singapore-based Agria, listed first-half profit by 55 percent on earning s growth from retail and Ag services, allowing it to declare a 2.2 cents a share interim dividend.

Profit rose to $4.8 million in the six months ended Dec. 31, from $3.1 million a year earlier, the company said in a statement. Revenue from continuing operations fell to $589 million from $694 million.

Wrightson sold its finance unit to Heartland New Zealand in August 2011 and booked a loss of $3.37 million in the first half of the 2012 that wasn’t repeated in the latest period. Revenue from discontinued operations fell to $1.5 million in the latest half from $13.6 million a year earlier.

The latest results also include $25 million in repayment of loans over the Crafar Farms following the sale of the properties to China’s Shanghai Pengxin Group.

Earnings from Wrightson’s retail division, which includes Rural Supplies, Fruitfed retail and AgNZ (consulting) rose to $13.4 million from $12.9 million, the company said. Livestock earnings fell to $350,000 from $668,000.

Earnings from other AgriServices, which includes insurance, real estate, wool, irrigation and pumping, AgNZ (training) and South American activities, rose to $1.6 million from $743,000. AgriServices rose to $15.3 million from about $12 million and AgriTech, which includes seeds and gain and animal feeds, fell to $23,000 from $8.9 million.

“The tougher conditions being faced by farmers clearly impact on some areas of our business, but overall our businesses have performed strongly and most have lifted earnings year-on-year,” managing director George Gould said.

Wrightson shares last traded at 41 cents and have declined 2.3 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news