State-Owned Enterprise Pāmu has reported a $20 million net operating profit for the year ending June 30 — $13 million less than the previous year.
Pāmu chief executive Mark Leslie said softening sheep and cattle prices, high interest costs and the decrease in valuation of farms and buildings impacted profitability.
Productivity increases at Pāmu last year included the dairy six-week in-calf rate up 3%, milk production up 3.6%, lambing percentage up 1.5%, red meat production up 4% and operating expenses were down 2%.
Last year’s results were boosted by a $20 million gain on milk futures, whereas this year, there was a $1 million loss.
