Landcorp posts 84% decline in annual profit; comfortable with debt levels

Wed, 26 Aug 2015

By Tina Morrison Aug. 27 (BusinessDesk) - Landcorp Farming, New Zealand's largest corporate farmer, posted an 84 percent decline in annual profit as lower milk and lamb prices crimped revenue. Net profit fell to $4.9 million in the 12 months ended June 30, from $30 million the year earlier, the Wellington-based state-owned company said in a statement. That's in line with its forecast for profit of $1 million to $6 million. Global dairy prices have slumped over the past year amid higher supplies and weak demand, and lamb prices are also...

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