Downturn hits Dairy Farms NZ's profit

Declining milk prices and increasing on-farm costs have hit the profitability of corporate farmer Dairy Farms New Zealand.Dairy Farms NZ (DFNZ), which is almost 50% owned by US company EGI-NZ Dairy, owns seven dairy farms and leases one, all in the South Island, with a peak milking herd of roughly 6,100.The enterprise, which filed its annual financial statements on Friday, has previously signalled that listing on the NZ stock exchange was a matter of priority, but it needed a larger equity base to do so.Year that wasIts profit in the 12 months...