Pāmu Farms says full year looking better than expected

Thu, 11 Feb 2021

State-owned Pāmu Farms said first-half earnings were hit by lower meat prices, but that its full-year outlook was better-than-expected thanks to rising milk prices.Earnings before interest, tax, depreciation, amortisation and revaluations were $14 million in the six months to Dec. 31 versus $22 million in the prior year. Farm operating revenue was down $5 million - predominantly due to lower market prices for the company’s red meat products, it said. The prior year also included a one-off $6 million gain from the sale of its shares...

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