Government-owned farmer Landcorp (now called Pāmu) is claiming commercial sensitivity as the reason for refusing to reveal the cost of funding a publicity campaign about its operations on the website newsroom.co.nz.
The latest is that the state owned farmer has announced a $10 million slump in its forecast earnings for the 2019 financial year. In typical form, the news was done in a sneaky way – in a notice on Treasury’s website.
It says Landcorp now expects full year earnings before interest, tax, depreciation and revaluations (EBITDAR) of between $27m and $32m versus the previous forecast range of between $37m and $42m for the year ending June 30.
This notice appeared about the time the failing state farmer’s chief executive Steven Carden was prancing about on stage in Taranaki with Hollywood director James Cameron, telling farmers how they should farm in the future in a trendy, carbon zero way.