Landcorp posts first-half operating loss on lower milk prices

Tue, 01 Mar 2016

By Tina Morrison March 2 (BusinessDesk) - Landcorp Farming, the state-owned farmer, posted a net operating loss in the first half of its financial year, and said that's expected to widen for the full year, reflecting a decline in milk prices. The state-owned enterprise posted a net operating loss of $8.9 million in the six months ended Dec. 31, compared with a profit of $1 million in the year earlier period, it said in a statement. Revenue fell 5 percent to $108.8 million as milk revenue slid 22 percent, it said. Landcorp forecast a fu...

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