Landcorp 2013 profit probably higher than forecast as it mitigates drought impact

Fri, 09 Aug 2013

By Tina Morrison Aug 9 (BusinessDesk) – Landcorp Farming, New Zealand’s biggest farmer, says earnings may be a smidgen higher than first budgeted after initially thinking it may only breakeven this year when drought hit milk production and livestock price. Net operating profit was probably $13 million in the year ended June 30, compared with its original budget of $12.7 million and down from $27 million the year earlier, state-owned Landcorp said in a statement In January, the company, which operates 119 properties, cut its earnings expecta...

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