Pengxin posts operating loss on NZ farms

Pengxin Group which bought the Crafar farms last year reported an operating loss in their first year.

Pengxin New Zealand Farm Management reported an operating loss of $1 million in the year ended June 30 on revenue of $10.5 million, according to its first annual report to the Overseas Investment Office. The farming operation, managed by state-owned enterprise Landcorp, was hit by the drought within six weeks of Pengxin purchasing the land, sapping milk production and driving up costs to buy additional feed.

“The critical focus for Pengxin and Landcorp was to manage the welfare of all animals on the property, and protect the farming position for the subsequent season,” the report said. . .

Will the xenophobes who complain about profits from foreign-owned businesses go overseas be just as concerned that the loss has been sustained by foreigners?

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