PGG Wrightson's FY profit to halve as costs increase; trading result seen improving

Tue, 24 Jul 2018

By Tina Morrison July 25 (BusinessDesk) - PGG Wrightson said full-year profit was less than half of last year's as the rural services firm faces backdated holiday pay obligations to its staff, higher costs, and an absence of property gains. The Christchurch-based company said net profit was about $20 million in the year ended June 30, down from $46.3 million last year. The company cited a one-off provision for the remediation costs of historical liabilities under the Holidays Act 2003, which could cost $6 million after tax, as well as inc...

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