Landcorp reports 36 percent drop in FY operating profit, says IFRS net loss ‘not meaningful’

Fri, 31 Aug 2012

Landcorp, the country's biggest farming company, said its operating profit fell 36 percent and is forecast to halve in the current year with prices expected to be generally lower. The state-owned farmer said its ‘net operating profit’ fell to $27 million in the 12 months ended June 30, from a record $42 million on the same basis a year earlier. Sales fell 4 percent to $210.5 million. The decline in operating profit mainly reflected the impact of “significant reductions” in prices for milk and timber in a year when sales fell even as the volum...

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