Pāmu Farms of New Zealand announces half-year result

Tuesday, 20 February, 2024

Pāmu Farms of New Zealand (Landcorp Farming Limited) produced a net operating profit (NOP) of $3 million for the half-year to 31 December 2023 compared to $15 million in the previous comparable half-year.

Chief Executive Mark Leslie said: “Challenges posed by a sharp reversal in global dairy prices, plummeting lamb prices and adverse weather events have impacted our profitability.

“Sustained damage from last summer’s cyclones continues to impact our bottom line as we reinstate infrastructure and work to re-grass lost pasture, repair or replace damaged fences, clear slips and maintain farm tracks.”

Pāmu is currently forecasting an improved full-year NOP of between $9 million and $19 million compared to its original forecast of between $1 million and $10 million.

“The change to forecast is largely a result of the positive uplift in the global dairy trade index and gains from our wider forestry business. It assumes that there will be no further deterioration in the exchange rate and that livestock prices hold through the season,” Leslie said.