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


NZ Farming Systems reiterates FY profit forecast

NZ Farming Systems reiterates forecast for annual loss as milk prices creep up

Jan. 29 (BusinessWire) – NZ Farming Systems Uruguay Ltd., the company using intensive New Zealand dairy farming techniques to develop farms in South America, reiterated its target for a full-year loss, saying milk prices will be volatile after three months of gains.

The loss before interest and tax will be no more than US$10 million, the company said today, reiterating the forecast it made on Dec. 17, the company said in a statement today. Milk production this year will be towards the lower end of its 80 million to 85 million litre range.

Farming Systems has to defer development of its farms in late 2008 as the credit squeeze bit. In the six months ended Dec. 31 milk production surged 70% to 42.1 million litres, as the company expanded its farming operations. It has five new milking shed scheduled to begin production in autumn 2010.

The company’s forecast assume an average milk price of 25 U.S cents a litre, up from the 23.9 cents it fetched in 2008/09. The price climbed to 29 cents in December from 27 cents the previous month.

Farm working expenses fell 15% in the first half, reflecting lower pasture and supplementary feed costs, driven by a slide in the price of fertilizer.

Shares of Farming Systems rose 2.3% to 45 cents on the NZX today and have fallen 25% in the past 12 months.

The company is due to release its first-half results on Feb. 16.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>