I’m waiting for the howls of outrage from the Labour party over the performance of Landcorp.
Landcorp has recorded a net profit after tax of $11.5 million, largely thanks to a $7.4m profit on land sales.
The state-owned enterprise, which Finance Minister Bill English earlier this year described as a “poor investment” although the Government had no intention to sell it off, reported a net operating loss of $9.4m on revenue of $209m for the year ended June 30, 2016.
For the second year in a row it will not pay a dividend to the Government.
Landcorp chief executive Steven Carden said the result reflected higher livestock valuations, a $7.4m profit on land sales,and lower milk revenue. Milk revenue had dropped $12.9m as the payout fell to its lowest level for 10 years.