Meat processor Affco has posted a small increase to earnings in its interim results released this afternoon, reporting a net profit of $15.91 million.Affco's revenue for the six months to March 31 fell $33 million to $555.6 million reflecting changed in l
Meat processor Affco has posted a small increase to earnings in its interim results released this afternoon, reporting a net profit of $15.91 million.
Affco’s revenue for the six months to March 31 fell $33 million to $555.6 million reflecting changed in livestock flows year on year.
Lower stocking rates and good weather favoured strong grass growth over the early summer period, which encouraged farmers to retain animals and take advantage of plentiful feed conditions, the company said today.
The rising value of the New Zealand dollar also contributed to the fall.
In a statement, Affco chairman Sam Lewis and chief executive Hamish Simson said the decision to retain all earnings helped the company enter a difficult financial period in a sound position with the ability to invest in operational improvements.
“Our outlook for the full year remains cautious with no improvement to the competitive landscape expected in the second half.”
