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

 

Landcorp books $9.4 million loss in FY16

Wednesday 31 August 2016 06:08 AM

Landcorp books $9.4 million loss in FY16

By Pattrick Smellie

Aug. 31 (BusinessDesk) - State-owned corporate farmer Landcorp reported a $9.4 million operating loss in the year to June 30, as declining dairy prices hit revenues.

The result compared with a $4.9 million operating profit the previous year, itself an 84 percent decline on the previous year.

Statutory profit was $11.5 million, reflecting the one-off receipt of $7.4 million from land sales and unrealised "revaluation movements on items such as livestock, farm properties and financial assets, e.g. co-operative shares", a spokesman for the company said.

"It's been a tough year for the entire dairy sector, so our result is solid in that context," said chief executive Steve Carden. "The result would have been lower without the progress already being made to strengthen our farming systems" and its high value Pamu product range.

Landcorp announced during the year that it would stop converting central North Island land to dairy farms.

Revenues for the year fell to $209 million from $224.3 million the year before.

The company has yet to release full financial statements.

(BusinessDesk)

ends



© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 17.% In June Year: Fuel And Rent Drive Inflation

The consumers price index (CPI) rose 0.6 percent in the June 2019 quarter, due to higher prices for petrol and rent, Stats NZ said today. More>>

ALSO:

Services: Softer June Points To Economic Slowdown

Activity in New Zealand's services sector softened in June, adding to a picture of lacklustre economic growth. The BNZ-BusinessNZ performance of services index fell 0.8 of a point in June from May to a seasonally adjusted 52.7. More>>

ALSO:

Incomings: Migration Remains High

Annual net migration was provisionally estimated at 50,200 (± 800) in the year ended December 2018 compared with 52,600 in the previous year, Stats NZ said. More>>

ALSO:

BusinessDesk: ComCom Files High Court Proceedings Against Westpac

The commission alleges the bank breached the Credit Contracts and Consumer Finance Act 2003 by failing to provide key information it was required to give customers under the law. More>>