Friday, 20 July 2018 12:04

$14m earnings boost for state farmer

Written by Rural News Group

font size decrease font size increase font size
Print
Email

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.

More like this

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.

State farmer cultivates talent with apprenticeship scheme

To mark International Day of Education on January 24, 2025, state farmer Pāmu (Landcorp) announced the commencement of its Apprenticeship Scheme, designed to equip the next generation of farmers with the skills, knowledge, and experience needed for a thriving career in agriculture.

Barks like a dog

OPINION: Landcorp is putting a brave face on its latest result, highlighting its progress on KPIs like climate change and gender pay gaps.

State farmer opens pathway to ownership for more Kiwis

In a landmark move, the state-owned farmer Pāmu (Landcorp) is making four of its 44 dairy farms available for people wishing to take up various contracts including herd-owning, share milking, variable order share milking and contract milking.

Featured

Less Red Tape, More Markets: NZ exporters get certainty

'Common sense' cuts to government red tape will make it easier for New Zealand to deliver safe food to more markets.

South Otago farmer balances family, farming and drought challenges

Balclutha farmer Renae Martin remembers the moment she fell in love with cows.

Sir Lockwood Smith: Use academic freedom with great care

Academic freedom is a privilege and it's put at risk when people abuse it.

All eyes on NZ milk supply

All eyes are on milk production in New Zealand and its impact on global dairy prices in the coming months.

Environment Southland rejects claims of $4000 farmer invoices for winter grazing checks

Claims that some Southland farmers were invoiced up to $4000 for winter grazing compliance checks despite not breaching rules are being rejected by Environment Southland.

NZ farmers more optimistic as agricultural confidence rises

According to the most recent Rabobank Rural Confidence Survey, farmer confidence has inched higher, reaching its second highest reading in the last decade.