State Farmer Delivers Solid Half-Year Result
State farmer Landcorp, trading as Pamu, is a forecasting a full-year net profit of around $100 million.
Of course, it is not just your normal annual report, which shows that, again, Landcorp is a dog of an investment for the country's taxpayers.
Instead, the state-owned farmer produces an 'integrated' annual report.
This translates - in layman's (sorry person's) language - to mean that they talked with a whole of lot of people (mainly their own directors, employees and suppliers - i.e.: people it pays) and got them to say just how wonderful Pāmu is.
The report also shows that outgoing chief executive Steven Carden was paid more than $3.65 million in salary during the past five years, and last year 165 of its staff earned over $100k.
Imagine if Pāmu actually made a half decent return on investment.
