NZ Farming Systems Uruguay is clawing back from its massive $US46 million loss last year, with improvements both to revenue and costs revealed in its interim results today.The company, part owned by PGG Wrightson, has posted a net $US6.9 million interim l
NZ Farming Systems Uruguay is clawing back from its massive $US46 million loss last year, with improvements both to revenue and costs revealed in its interim results today.
The company, part owned by PGG Wrightson, has posted a net $US6.9 million interim loss for the six months to December today compared to a loss of $US8.9 million for the same period last year.
Revenue increased to $US10.9 million from $US7.7 million for the same period the previous year while the operating loss due to farming activites nearly halved to $US2.5 million from $US5.1 million.
The company’s interim results reflected continued growth in its farming operations, improved operating conditions and the success of measure taken to reduce expenditure.
Rising milk volumes were substantially higher during the period, with milk sales contributing $US10.2 million of revenue, up from $US6.2 million.
The milk volumes climbed 70% to 42.1 million litres, compared with the first since months of the previous year.
