Wednesday, 08 May 2024 15:55

Wrong, again!

Written by The Hound

font size decrease font size increase font size
Print
Email

OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour Agriculture Minister Damian O’Connor when Chineseowned Yili took over the troubled dairy company Westland Milk a few years back.

O’Connor claimed it would be end of the world and West Coast dairy farmers would be the losers.

However, it seems – like his election result last October – the only loser in this case is O’Connor.

The company recently notched up its second impressive annual result in a row, with a 43.7% lift in net profit to $55.9 million in 2023.

It was also above 2022’s $38.9m record-breaking result and a $120m rebound from 2021.

Since Yili bought the once troubled company in 2019, former shareholder farmers have not only had record profits but also received a cash payment of $3.41 a share and a 10-year guaranteed competitive milk payout.

More like this

Alex Turnbull Appointed CEO of Yili Oceania Division

Former Fonterra executive Alex Turnbull has been appointed CEO to lead all five Yili Oceania Business Division companies in New Zealand.

Wrong focus

OPINION: Your old mate reckons townie Brooke van Velden, the Minister of Workplace (or is it Woke Place) Relations is now showing how underemployed she is as a minister by initiating an investigation into whether young children should be banned from collecting eggs on farms and feeding animals.

Strong growth for Yili's NZ operations

Chinese dairy giant Yili Group says its New Zealand operations are on track for strong revenue growth in 2025 after recording significant year-on-year growth for the first half of the year.

Burn the village

OPINION: There's an infamous term coined by a US general during the Vietnam war, specifically in reference to the battle of Ben Tre: "We had to burn the village to save it."

Purist problem

OPINION: The sudden departure of Jim Ward, manager of Molesworth Station for 24 years, highlighted some major dysfunction in the way conservation estate is managed in this country - the biggest problem, as the Hound sees it, being idealogues who harp on about "taonga" and use all means possible to block sensible commercial operations on conservation land.

Featured

Todd McClay Seeks Labour Party Support for India Free Trade Agreement

Overseas Trade Minister Todd McClay says he's working constructively with the Labour Party in the hope they will endorse the free trade agreement (FTA) with India when the agreement comes before Parliament for ratification.

Trump Tariff Sparks New Uncertainty for NZ Exports

Donald Trump's latest tariff tantrum has again thrown the world of trade into a new round of turmoil and uncertainty, and NZ is caught up in it.

NZ Dairy Expo Gains Momentum in Matamata

The third edition of the NZ Dairy Expo, held in mid-February in Matamata, has shown that the KISS principle (keep it simple stupid) was getting a positive response from exhibitors and visitors alike.

From South Africa to NZ: Afimilk Success Story

Twenty years ago, South African dairy farm manager Louis Vandenberg was sent to a farm in Waikato to provide training on Afimilk technology.

Strong Milk Price Boosts PGG Wrightson Earnings

Strong farmgate milk price is helping boost investment on farms, says PGG Wrightson chief executive Stephen Guerin.

Fonterra Suppliers Confident in Mainland Dairy Future

Fonterra's 460 milk suppliers in Australia, who will switch to Lactalis end of this month, are unfazed with the impending change.

National

EPA Approves Beetle to Tackle Chilean Flame Creeper

Environment Southland is welcoming this week’s decision by the Environmental Protection Authority (EPA) to approve the release of Blaptea elguetai, a…

Government Declares Medium-Scale Adverse Weather Event in Bay of Plenty, Gisborne/Tairāwhiti, and Canterbury

Recent weather events in the Bay of Plenty, Gisborne/Tairawhiti, and Canterbury have been declared a medium-scale adverse event.

Pay Equity Crucial for Rural Communities - RWNZ

Rural Women New Zealand (RWNZ) says it welcomes the release of a new report into pay equity.

Red Meat Exports Deliver $1.4bn in Tariff Savings Across EU, UK and US Quota Markets

Red meat exports to key quota markets enjoyed $1.4 billion in tariff savings in the 2024-25 financial year.

Remediation NZ Fined $71k Over Compost Site Odours

Remediation NZ (RNZ) has been fined more than $71,000 for discharging offensive odours described by neighbours as smelling like ‘faecal and pig effluent’ from its compositing site near Uruti in North Taranaki.

Machinery & Products

Kioti and Naïo Technologies Form Strategic Partnership to Develop New Agricultural Robot

Korean company Kioti reports that its European division and French company Naïo Technologies have formed a strategic partnership to develop…

Pöttinger Marks 25 Years in Seeding with Innovation from VITASEM to TERRASEM

Austrian manufacturer Pöttinger previously focused on grassland equipment then entered the arable sector with its acquisition of “Bayerische Pflugfabrik Landsberg”- the…