Thursday, 26 March 2020 15:23

Put it down

Written by  The Hound

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.

While this may look good on the surface, your old mate reckons it is not as flash as it seems. Actually, in real terms, the result for the half-year was a gain of $22 million.

However, once you strip away the $7m the state farmer slashed in costs and a one-off gain of $6m from the sale of its shares in Westland Dairy – then it is more like $13 million.

However, when you consider Landcorp’s total asset base is $2.16 billion – then it is a very poor return for taxpayers.

This further begs the question just how chief executive Steven Carden can justify an annual salary of $795,950 when his organisation’s return is so poor and why taxpayers are still lumbered with carrying this dog?

More like this

Great idea

OPINION: Your old mate has long argued Landcorp’s farming business – Pamu – is a bigger dog than he is.

Living on an organic island

Running an organic dairy farm is a bit like living on an island where one has to be completely self-sufficient.

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.

National

Job losses worry meat sector

New Zealand's meat processing industry says, while it supports moves away from coal, it has some major concerns about cuts…

Manawatu's economy bouncing back

Although the national economy is still functioning below pre-pandemic levels and the road ahead remains uncertain, the Manawatu region appears…

Machinery & Products

Real handy in all situations

Listening to customers across all sectors of agriculture helps the Handypiece team design and engineer options to make its unit…

Film binding now available

The Kuhn VBP 3100 series variable chamber baler-wrapper combination can now be equipped with the patented Kuhn Twin-reel film binding…

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Great idea

OPINION: Your old mate has long argued Landcorp’s farming business – Pamu – is a bigger dog than he is.

Unemployable?

OPINION: Your canine crusader shakes his head at the complete lack of practical and real-world knowledge in both government and…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter