Weak red meat prices drop ANZCO Foods' profit nearly 60%

ANZCO Foods chief executive Peter Conley. (Image: ANZCO)

Tue, 07 May 2024

A weak red meat market has dropped Japanese-owned meat processor ANZCO Foods’ profit by nearly 60%. The company reported a net profit after tax of $44.4 million for the 12 months to the end of December last year, compared to $106.6m in the 2022 year.On a before-tax basis, profit plummeted from $147.7m in the 2022 year to $60.9m.Turnover, however, was reasonably stable at $1.83 billion for the 2023 year compared to $1.9b in 2022.Earnings before interest, tax, depreciation, and amortisation fell to $110.4m, compared to $185.3...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Retail

Liquidators investigate sale of three Pizza Hut stores

Maloita sold three Wellington Pizza Hut stores prior to its liquidation.

John Anthony 10:30am

The Quiz Free

QuiznessDesk: Friday, July 05

Can you answer all ten questions correctly?

The Quizmaster 9:15am

Markets Aus Market Wrap

Australian shares rally as dollar hits six-month high

The ASX200 has risen 1.2% to hit a nine-day high.

AAP 7:45am

Australian shares rally as dollar hits six-month high

Sponsored

Five steps to potent data monetisation

Realising the true value of an organisation’s data.

Spark

Sponsored

Smart chargers don't just charge EVs

They also take the pressure off a stressed power network - We.EV

We.EV

More Economy

Retail

Briscoe Group says tax changes will hit FY net profit by $7.4m

New legislation affects depreciation on commercial buildings.

Rebecca Howard 11:00am

Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Staff reporters 04 Jul 2024