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April 28, 2005

NEW ZEALAND: AFFCO profits, revenue up in H1

New Zealand meat processor AFFCO today (Thursday) announced a net surplus of NZ$14.4m (US$10.5m) for the six months to 31 March 2005, compared with $11.2m in the same period last year.

New Zealand meat processor AFFCO today (Thursday) announced a net surplus of NZ$14.4m (US$10.5m) for the six months to 31 March 2005, compared with $11.2m in the same period last year.

Total operating revenue was $476m compared with $406m in the year earlier period.

The company called the result “pleasing given the high NZ dollar and competitive livestock procurement market.”

“The season to date has been assisted by a good 2004 lambing percentage and better than anticipated cattle numbers in the North Island,” it said. “An improvement in market share has also assisted improved plant utilisation.”

“While the result is soundly ahead of the same period last year, the second half of the season is likely to be less than last year’s record second half,” it said. “Cattle numbers are expected to be below the record kill levels last year and in addition a high NZ$ exchange rate is also challenging revenue.”

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