New Zealand meat company Richmond has reported an annual net profit, compared to a year-ago loss, but said earnings would be lower in the current fiscal year.
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Richmond posted a net profit of NZ$12.9m (US$7.9m) for the year to September, compared to a loss of $6.5m in the previous year.
Revenue fell 7% to $1.22bn, partly due to the increased value of the NZ dollar, although this was partially offset by increases in production volumes, the company said.
Chairman Sam Robinson said the full-year result was gratifying because it reflected improvements in the poorly performing parts of the business that lead to the loss of the previous year.
The current fiscal year is expected to be tougher due to a fall in the number of lambs born and increased processing capacity in the industry, reported Reuters.
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By GlobalDataRichmond said budgeted net profit before tax for fiscal 2004 was forecast at $13m, compared to pre-tax profit of $20m in fiscal 2003.
