Landcorp reports a net operating profit of $11.0 million for the first half of the financial year to the end of December.
This is up from $3.2 million in the corresponding period of 2010/11 due to strong growth in revenues, particularly on the sale of livestock. The latest half years aw total farm product revenues rise to $104.0 million (2010/11: $91.6 million). Livestock revenue was up 27.0 per cent to $46.3 million, reflecting higher prices for meat and for store animals, and also higher livestock numbers. Dairy revenue improved 2.5 per cent to $53.0 million on growth in milk volume during the latest half year.
The company expects a net operating profit for the year of $20 million and to pay a $15 million dividend.
These are impressive numbers until you factor in assets valued at $1,754,207,000.