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Landcorp Achieves Record Net Operating Profit

New Zealand’s largest agricultural enterprise, Landcorp Farming Ltd has achieved its highest net operating profit in its 14 year history.

The State Owned Enterprise Group earnings before interest and tax to June 30 were $36.2m, up 46.9% on the previous year.

The Board Chairman Alison Paterson says the result was achieved through productivity increases, genetic improvement in livestock, staff development, and land rationalisation and development.

“These factors, combined with good product prices and a favourable exchange rate, have significantly lifted the performance of the company,” she says.

Net profit after tax for the Group was $15.8m.

This, together with increases in asset valuation, represents a return on average shareholders’ funds of 14.2%.

Landcorp has provided for a final dividend of $10.4m, which is payable on 31 October, 2001. The company paid an interim dividend of $8.2m in March this year. The total dividend of $18.6m represents 14.9c per ordinary share.

Mrs Paterson says Landcorp is optimistic that the favourable market prices achieved this year will continue in the near future.

“These prices, and the low value of the New Zealand dollar, will assist to offset the influence of a weakening global economy.

“We are confident productivity gains, planned investment strategies and diversification into other forms of livestock farming will result in Landcorp remaining a profitable and viable investment for the Government,” she says.

For further information:

Chris Kelly Alison Paterson
Chief Executive – Landcorp Chairman - Landcorp
Ph: (04) 471-0745 Ph: (09) 529-1835
Mob: (025) 249-8883 Mob: (021) 985-337

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