Landcorp forecasts a bigger loss this year, no dividend, as dairy downturn bites

Thu, 18 Feb 2016

By Tina Morrison Feb. 18 (BusinessDesk) - Landcorp Farming, the state-owned farmer, won't pay a dividend to the government for a second consecutive year as low milk prices erode earnings from its dairy business. The company expects to post a net operating loss of between $8 million and $9 million in its current financial year ending June 30, chief financial officer Steve McJorrow told parliament's primary production select committee in Wellington. That's a bigger loss than the $1 million to $6 million it forecast in December, and compares...

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