NEW ZEALAND: Wet weather hits Affco H1 profits
New Zealand meat processor and exporter Affco Holdings Ltd said today [Tuesday] that its first half net profits will be hit by the impact of an unusually wet spring and summer. The group said that wet weather during the season had prompted farmer to retain their livestock, consequently hiking farm gate price. Unwilling to be pushed into a price war, Affco had bought less livestock, with the result that its slaughter and processing output was reduced. However, chairman Sam Lewis said livestock purchasing was getting back to normal, so full-year results are expected to be in the region of levels previously forecast.
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