News Video | Policy | GPs | Hospitals | Medical | Mental Health | Welfare | Search

 

Feds 1998 Financial Result Expected

Federated Farmers' 1998 Financial Result In Line With Expectations

Federated Farmers of New Zealand (Inc) today announced a consolidated loss for 1998 of $1.67m, in line with previously announced forecast expectations.

President Malcolm Bailey said "On the back of the National Council of Federated Farmers' decision to move to a national structure in November 1997, the result was in line with forecast projections."

"Transition costs of any restructure are always high, and expenditure of $1.13m of the announced result was transition funding of provinces, and about $600,000 was one-off restructuring costs contributed to the result," he said.

"Membership was affected by drought and low commodity prices during 1998. The non-participation of Northland Province's forecast 1,200 members in the national organisation during the year cost both the federation and farmer members throughout the rest of New Zealand dearly."

The restructure of Federated Farmers is now performing exceptionally well and indicators as at the end of June 1999 are pointing to a favourable financial result at the end of 1999.

"Federated Farmers' fortunes have turned markedly in the last twelve months. Our profile has never been higher and membership is tracking some 1,800 in front of this time last year."

"The favourable results now being achieved by the federation's policy team, and the services now being provided to members are being recognised, with many new members joining New Zealand's premier farmer representative organisation."

"Federated Farmers undertook a huge transformation during 1998 after decades of living in an era of compulsory levy funding that concluded at the end of 1996."

"I conclude my term as President confident that New Zealand farmers have pride back in their organisation and recognise their need for a united rural voice," Mr Bailey concluded.

ENDS



© Scoop Media

 
 
 
Culture Headlines | Health Headlines | Education Headlines

 

Don't Miss The 2019 Jazz Gala Tour

Featuring renowned US rock drummer Gregg Bissonette, vocalist Glenn Walters, and UK trumpet Star Louis Dowdeswell in concert with the Rodger Fox Big Band. More>>

Tuia - Encounters 250: Te Papa Acquires Rare Painting Of Cook's Voyage

Te Papa announced today it has purchased William Hodges’ Waterfall in Dusky Bay with Maori Canoe for New Zealand’s national art collection. More>>

Resene Eighth Annual Architecture & Design Film Festival

This year’s line-up will showcase the most acclaimed and current films in architecture and design, including documentaries on this century’s finest architects, super stars in the design field and movements for environmental change. More>>

Ockhams: ‘Urgently Relevant’ Novel Wins NZ’s Richest Literary Award

Dame Fiona Kidman has won this year’s $53,000 Acorn Foundation Fiction Prize at the Ockham New Zealand Book Awards for her novel, This Mortal Boy, a work described by the judges as ‘moving, memorable, authentic and urgently relevant to our times.’ More>>

ALSO:

Comedy Festival: The Comedy Festival Is On

Binge on almost a full month of comedic delights, as the NZ International Comedy Festival runs from 2-26/5 in Auckland and Wellington. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • CULTURE
  • HEALTH
  • EDUCATION
 
 
  • Wellington
  • Christchurch
  • Auckland