State-owned corporate farmer Landcorp has posted a shareholder loss of $112.5 million for the year to June 2010.The company reported this afternoon the loss was largely due to a $120.5 million reduction in the value of its farms.Last year, the company pos
State-owned corporate farmer Landcorp has posted a shareholder loss of $112.5 million for the year to June 2010.
The company reported this afternoon the loss was largely due to a $120.5 million reduction in the value of its farms.
Last year, the company posted a $76 million loss.
However, Landcorp has also announced a boost in net operating profit for the year to $10 million, up from $6.9 million in the previous year.
The company will pay dividends of $18 million, up from $10 million in the year to June, 2009.
Chief executive Chris Kelly said the increase in net operating profit was due largely to the recovery in dairying and a reduction in expenses as farm budgets were tightened and interest costs were cut.
Farm working expenses were down 8.8% to $62.9 million and total operating expenses down 3.9% to $148.5 million.
Revenues from dairy, livestock and forestry were up 1.6% to $163 million and milk revenue increased 29.3% to $70.2 million.
