Friday, 20 July 2018 12:04

$14m earnings boost for state farmer

Written by Rural News Group

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Steven Carden.

State-owned Landcorp Faming Limited (Pamu) is expecting a $14 million boost in full-year revenues on the back of higher-than-expected milk and meat prices.

The country’s largest farmer says allocation of additional carbon units (NZU) following the five yearly audit by MPI of the company’s forestry assets will also help lift earnings.

The company says its earnings before interest, taxes, depreciation, amortisation and revaluations (EBITDAR) forecast for the 2017-18 financial year will be between $47 - $52 million, up from the previous advice at the time it released its half-year result (between $33 and $38 million).

Landcorp chief executive Steven Carden says it is pleasing “that we are likely to produce a better than forecast full year result”.

“The company has had a real focus on controlling costs and maximising on farm returns, while not compromising our commitment to excellent land and animal management.

“This reforecast is particularly pleasing in what has been a challenging year from a climatic perspective.”

Carden says the company will announce its audited full year result in late August.

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