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

 

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Scoop Business: NZ Net Migration Reaches New Annual Record In June

New Zealand annual net migration rose to a new record in June as arrivals continued to be bolstered by Chinese and Indian students, while fewer locals departed for Australia. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news