Allied Farmers back in black as livestock unit grows

Sun, 31 Aug 2014

By Paul McBeth Sept. 1 (BusinessDesk) - Allied Farmers, which is rebuilding from a disastrous takeover of the Hanover and United Finance loan books, returned to profit as its core livestock unit lifted income with gains in Taranaki and Waikato. The Hawera-based company reported a profit of $1.03 million, or 1.03 cents per share, in the 12 months ended June 30, turning around a loss of $1.12 million, or 2.94 cents, a year earlier, it said in a statement. Revenue in the slimmed down entity shrank 38 percent to $16.9 million. "The focus f...

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