Allied Farmers annual profit sinks 88% after overhauling business, dairy weighs on livestock unit

Sun, 30 Aug 2015

By Paul McBeth Aug. 31 (BusinessDesk) - Allied Farmers posted an 88 percent drop in annual profit after an overhaul of the business increased the firm's tax bill, and as its profitable livestock unit was held back by the slowing dairy sector. Net profit attributable to shareholders dropped to $128,000, or 0.12 cents per share, in the 12 months ended June 30, from $1.02 million, or 1.03 cents, a year earlier, the Hawera-based company said in a statement. That included a tax expense of $460,000, and an increased share of earnings going to m...

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