Friday, 20 July 2018 12:04

$14m earnings boost for state farmer

Written by 
Steven Carden. 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

Covid costing Pāmu ‘deerly’

Falling land and livestock prices have hit the state-owned farmer Landcorp – known as Pāmu – in the financial year to 30 June.

Fertiliser reduced, production holds

State-owned farmer Pāmu has been able to reduce nitrogen input on its Waimakariri dairy farm while maintaining milk and grass production, by using fertigation – the application of fertiliser through irrigation.

Put it down

Your canine crusader notes that the woke folk at Landcorp – sorry Pāmu – were recently crowing about recording a net profit after tax of $68 million for the half-year ended 31 December 2019.


Awards help winners fine-tune

Newly-crowned Share Farmers of the Year Sarah and Aidan Stevenson are looking forward to their leadership roles over the next 12 months.


Living the dream on farm

DairyNZ board candidate Cole Groves says he is “living the dream” as a dairy farmer, milking just over 400 cows near Hinds in Mid-Canterbury.


Machinery & Products

New tractor fills the gap

Deutz Fahr has introduced the new 8280 TTV, which is aimed at filling the gap between its current 7 and…

» Latest Print Issues Online

The Hound

Bully boys?

OPINION: This old mutt hears that there is some discontent in the wool sector at the tactics being used by the…


OPINION: Your canine crusader, like many in the rural sector, was deeply distressed to hear the tragic news that a…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter