Rural Equities annual profit slides 31 percent on property revaluations, drought; lifts dividend

Wed, 04 Sep 2013

Sept. 5 (BusinessDesk) - Rural Equities, the farming group controlled by the Cushing family, reported a 31 percent drop in annual profit as property revaluations lagged behind those from a year earlier, and as the North Island’s worst drought in seven years ate into operating earnings. Net profit fell to $10.9 million in the 12 months ended June 30, from $15.8 million a year earlier, the Hastings-based company said in a statement. Profit included a gain in the 27-farm property portfolio of $4.9 million, smaller than the $14.3 million revalua...

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