Thursday, 06 June 2019 08:11

Sell it

Written by Rural News Group

font size decrease font size increase font size
Print
Email

The Hound's ever growing list of ‘Landcorp fails’ keeps getting longer.

The latest is that the state owned farmer has announced a $10 million slump in its forecast earnings for the 2019 financial year. In typical form, the news was done in a sneaky way – in a notice on Treasury’s website.

It says Landcorp now expects full year earnings before interest, tax, depreciation and revaluations (EBITDAR) of between $27m and $32m versus the previous forecast range of between $37m and $42m for the year ending June 30.

This notice appeared about the time the failing state farmer’s chief executive Steven Carden was prancing about on stage in Taranaki with Hollywood director James Cameron, telling farmers how they should farm in the future in a trendy, carbon zero way.

More like this

Pāmu and Meet the Need Launch Mince Recipe Cards for Food Banks

A partnership between state-owned enterprise Pāmu (Landcorp Farming Limited) and charity Meet the Need is putting more than quality New Zealand beef into food bank parcels this year.

State farmer posts record results

State farmer Pamu has delivered its strongest operating result on record.

$10m Boost for Govt Coffers From Pāmu

State farmer Pāmu (Landcorp) has announced it will pay a $10 million special dividend to the Crown off the back of a strong outlook for the business and a capital repayment of $9.5 million following Fonterra's consumer business sale.

Government appoints three new directors to Pāmu board

The Government has appointed three new members to the board of state farmer Landcorp Farming Ltd, trading as Pāmu.

State farmer forecasts record results

The Government’s directive for state farmer Landcorp Farming (trading as Pamu) to lifts its performance is yielding results.

Featured

DairyNZ's Tracy Brown Flags El Nino Risk for Dairy Farms

Most dairy regions around the country have had a pretty good season so far says Tracy Brown.

Mark Hooper Joins NZPork Board as Independent Director

Rural leader Mark Hooper has been appointed as an independent director to the NZPork board, bringing extensive farming, governance and advocacy experience to the role.

Opportunity Says Land Tax Won't Force Farm Asset Sales

Opportunity says its land value tax (LVT) is unlikely to force farmers into a position where asset sales or increased debt are required.

Milk Powder Prices Prop Up Farmgate Milk Price

Milk powder prices are keeping farmgate prices up, helping processors offset the dip in milk fat prices.

Fonterra's New Roadmap Targets Climate, Nature, Animals

Climate, nature and animal wellbeing make up Fonterra's refreshed sustainability roadmap released last week.

New Rural Recycling Scheme to Boost Farm Plastic Recovery

The Government is introducing a new nationwide rural recycling scheme that will significantly increase the recovery of farm plastics from March next year, Minister for the Environment Nicola Grigg announced today.