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.
According to chief executive Mark Leslie, Annabel Davies is joining Pāmu to help with its "ambitious environmental programme... to meet the challenges of a changing climate, and societal and shareholder expectations of us in these vital areas for our company and our country".
Pāmu's ongoing wokeness journey - rather than just farming - is highlighted in its latest annual returns.
Its net 'profit' of $59 million (up from $29m in 2021) looks heavily inflated due to a $18m book value gain from historical revaluation losses on land and buildings, as well as a $20m fair value gain on biological assets.
