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

 

Pāmu updates full year EBITDAR forecast

Media Statement

Immediate Release

19 July 2018

Pāmu updates full year EBITDAR forecast

Landcorp Faming Limited (Pāmu) has released an updated EBITDAR (Earnings before Interest, Taxes, Depreciation, Amortization and Revaluations) forecast for the 2017/18 financial year.

Previous advice from Pāmu at the time it released its half-year result was an estimated EBITDAR of between $33 and $38 million for the full year. This has now been revised up to an estimated EBITDAR of between $47 - $52 million.

Commenting on the reforecast, Chief Executive Steven Carden said factors contributing to the revision included better than expected results from milk and red meat, along with the allocation of additional carbon units (NZU), following the five yearly audit by MPI of the company’s forestry assets.

“We are pleased that we are likely to produce a better than forecast full year result. The company has had a real focus on controlling costs and maximising on farm returns, while not compromising our commitment to excellent land and animal management.

“This reforecast is particularly pleasing in what has been a challenging year from a climatic perspective.”

Mr Carden said the company expected to announce its audited full year result in late August.

ENDS

Editors Notes:

Pāmu is the brand name for Landcorp, a Stated Owned Enterprise, and one of New Zealand’s most innovative farmers and food businesses. It is also the name given to the quality products created by the company.

Pāmu is the Māori word ‘to farm’ and reflects the deep connection New Zealanders have with the land, born from respect, and a genuine desire to protect and enhance the environments in which the company works. It’s a proud provenance that stands behind every product bearing the Pāmu name.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Retail: International Websites To Pay GST

New rules would be aimed at imported goods valued at or below $1,000. Customs would retain responsibility for collecting GST on imported parcels valued more than $1,000. More>>

ALSO:

High-Level Advice: PM’s Business Advisory Council Membership Announced

The Prime Minister’s Business Advisory Council brings together a mix of experts, six women and seven men with small to large business experience, from across New Zealand, to provide advice. More>>

ALSO:

Improving: Report Shows New Zealand Air Quality 'Good'

Our air 2018, produced by the Ministry for the Environment and Stats NZ, shows that while some previously known issues persist, progress has been made and levels of some pollutants are declining. More>>

ALSO:

Greenpeace: Govt Extends OMV Exploration Permit

The Government has just granted oil giant OMV a two-year extension to drill in the Great South Basin, despite issuing a ban on new oil and gas exploration permits in April. More>>

ALSO:

Collective Bargaining For Contractors: Working Group's Model For Screen Sector

A recommended model to allow collective bargaining for contractors in the screen sector has today been unveiled by the Government-convened Film Industry Working Group. More>>

ALSO:

Kauri Dieback: DOC Closing Tracks To Protect Trees

The Department of Conservation will close 21 tracks across kauri land to help prevent the spread of kauri dieback. An additional 10 tracks will also be partially closed and the open sections upgraded... More>>