LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
Farmers who used new genomic technology from their cooperative, LIC, in 2008 and 2009 will shortly receive a credit for the premium they paid for the product in those two years.
LIC general manager genetics, Peter Gatley, says the credit is a gesture to the farmers "who came with us as early adopters of a technology poised to advance genetic gain more than any other in the history of dairying".
"Data collected from our Sire Proving herds indicates that the Breeding Worth averages of the 'DNA Proven' sire teams used in 2008 and 2009 were lower than originally estimated. This observation is very much in line with international experience, and we now have appropriate adjustments in place, but we can't turn back the clock on the estimates we provided for the 2008 and 2009 teams.
"The average of all DNA Proven inseminations has delivered a modest advantage over the traditional alternative, so the rate of genetic gain has been maintained, but the result is well short of our original prediction. The credit is a gesture of appreciation for the support of our early adopters who paid a premium for the service."
The value of the credit is estimated to total $4.7 million and will be processed in March 2012.
Sheep and beef farmers are urging the Government to do more to stop productive farmland overrun by pine trees.
Auckland’s Eventfinda Stadium saw New Zealand’s top butchers recognized at the National Butchery Awards.
According to the latest Beef + Lamb New Zealand (B+LNZ) Stock Number Survey, sheep numbers have fallen by 1% while beef cattle numbers rose by 4.4%.
Beef + Lamb New Zealand says it is seeing strong farmer interest in its newly launched nProve Beef genetics tool, with early feedback and usage insights confirming its value in helping farmers make better breeding decisions and drive genetic improvement in New Zealand's beef herd.
The Innovation Awards at June's National Fieldays showcased several new ideas, alongside previous entries that had reached commercial reality.
To assist the flower industry in reducing waste and drive up demand, Wonky Box has partnered with Burwood to create Wonky Flowers.
OPINION: Sydney has a $12 million milk disposal problem.
OPINION: Canterbury milk processor Synlait's recovery seems to have hit another snag.