Landcorp has recorded a net profit after tax of $51.9 million on revenue of $233.5 million for the

year ended 30 June 2017. This compares to a net profit after tax last year of $11.5 million.

Landcorp chief executive Steven Carden said the result largely reflects higher returns from milk, beef
and venison.

“It’s encouraging that our results have turned around to this extent,” Mr Carden said. “We’ve
strengthened the core business, improving our farming systems, while continuing to expand our
range of partnerships and Pāmu products.”

Revenue for 2016/17 was up 11% on the previous year, while operating expenses increased 3.3% -
and these costs included structural costs around the transfer of staff with the end of the Shanghai
Penxing share milking arrangement.

“The process of transforming to a value-add business is complex, but we are continuing to reshape
and invest in a future as a best-practice, environmentally sustainable farmer, and a high-quality food
company – Pāmu Farms of New Zealand,” Mr Carden said.

The company’s total assets increased to $1.81 billion in 2016/17, an increase of $27.9 million on the
previous year. Debt reduced over the year from $219.6 million to $206.9 million. In line with a
dividend policy that prioritises debt reduction, no dividend was paid.

Click to Download PDF