Pengxin farms post operating loss due to North Island drought

Fri, 29 Nov 2013

By Paul McBeth Nov. 29 (BusinessDesk) - The former Crafar family farms controversially bought by China’s Shanghai Pengxin last year reported an operating loss in their first year of new ownership due to the widespread drought last summer. Pengxin New Zealand Farm Management reported an operating loss of $1 million in the year ended June 30 on revenue of $10.5 million, according to its first annual report to the Overseas Investment Office. The farming operation, managed by state-owned enterprise Landcorp, was hit by the drought within six we...

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