Friday, 25 February 2022 11:25

Good half year

Written by Staff Reporters

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Landcorp's farming division has announced a net profit after tax of $41 million for the half-year ended December 2021.

The state farmer’s earnings before interest, tax, depreciation, amortisation and revaluations (EBITDAR) was $16 million— compared with $14 million in the half-year to December 2020.

Chairman Warren Parker says the result is particularly gratifying as the company managed the ongoing impact of Covid.

“Covid has continued to disrupt our people, which on top of ongoing labour shortages, extreme weather events on the West Coast and in the Manawatu and logistics, processing and availability of farm supplies, has made for a challenging half year,” Parker adds.

Landcorp Farming (Pāmu) says it is currently forecasting a full-year EBITDAR of between $83m and $88m, compared to its original budget of $73m, with the strong milk price a key driver of this increase.

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