Falling commodity prices hit state owned farmer Pāmu

Landcorp said it was suffering from adverse weather. (Image: Getty)

Thu, 31 Aug 2023

New Zealand’s largest corporate farmer Pāmu has scrapped its dividend and reduced its forecast for next year due to unfavourable stock prices and a softer milk price outlook.The state-owned farmer also known as Landcorp said it now was forecasting operating profit of between $1 million and $11m for 2024.Operating profit for the 12 months to 30 June, 2023 came in at $33m.While this is $11m up on the prior period it is below the March guidance range of between $34m to $44m. That guidance had been reduced from $55m due to cyclone Gabrielle a...

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