NZ Merino, on quest to add value to commodities, increases annual profit 21%

Fri, 16 Oct 2015

By Tina Morrison Oct. 16 (BusinessDesk) - New Zealand Merino Co, a wool marketer which aims to develop higher-value markets for sheep products, posted a 21 percent lift in full-year profit and said it's on track to double the value of the business in the three years through 2016. The Christchurch-based company said profit increased to $2.3 million in the year ended June 30, from $1.9 million in 2014, and $405,000 in 2013. Revenue fell 6.1 percent to $109.4 million from the year earlier, while cost of sales fell 7.7 percent to $98.4 millio...

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