Landcorp books $9.4 million loss in FY16

Tue, 30 Aug 2016

By Pattrick Smellie Aug. 31 (BusinessDesk) - State-owned corporate farmer Landcorp reported a $9.4 million operating loss in the year to June 30, as declining dairy prices hit revenues. The result compared with a $4.9 million operating profit the previous year, itself an 84 percent decline on the previous year. Statutory profit was $11.5 million, reflecting the one-off receipt of $7.4 million from land sales and unrealised "revaluation movements on items such as livestock, farm properties and financial assets, e.g. co-operative shares"...

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