Rural Equities profit jumps on rising farm values, resumes dividend

Sun, 02 Sep 2012

By Paul McBeth Sept. 3 (BusinessDesk) - Rural Equities, the farming group controlled by the Cushing family, boosted annual profit almost five-fold on rising farm valuations and resumed paying a dividend after taking a year off. Net profit surged to $15.8 million in the 12 months ended June 30, from $3.3 million a year earlier, the Hasting-based company said in a statement to the Unlisted trading platform. The bulk of that came from a $14.3 million lift in the value of its rural property portfolio, particularly its 14 farms in the Canterbury...

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