LIC profit climbs 16% on sale of automation business

LIC chairman Murray King is pleased with the company's result, particularly after a turbulent year. (Image: LIC)

Thu, 21 Jul 2022

Livestock Improvement Corporation (LIC) lifted its annual profit by 16.5% as the dairy genetics company's bottom line was bolstered by last year's $38.1 million sale of its automation business. Net profit rose to $26.7m in the 12 months ended May 31 from $23.6m, with the company booking a $15.4m gain on the sale of its automation division, which helped offset a $21.7m writedown in the value of its 967 bulls. Stripping out those one-off movements, the farmer-owned co-operative lifted underlying earnings 15% to $25.7m on a 5.7%...

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