Friday, March 29, 2024

Meat prices trimmed for Pamu

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Pamu has declared a net profit after tax of $8 million for the six months to December 31, 2020.
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The earnings before interest, tax, depreciation, amortisation and revaluations (Ebitdar) were $14m, down from $22m in the previous corresponding period.

Pamu chief executive Steven Carden attributed the decrease to lower market prices for the company’s red meat products.

“We managed to partially offset this by keeping a tight control on costs as we battened down the hatches to some extent, as covid-19 created uncertainty across the business sector,” Carden said.

Nonetheless the state-owned farming company is cautiously optimistic about the results for the full year, with an Ebitdar forecast between $45m and $50m.

This is an undated forecast from the previous $35m and would be compared with the $65m made in the previous financial year.

In FY 2019 Pamu also declared a net loss of $24m and a negative shareholder return.

The FY2021 financial targets also contain nil expectations of shareholder return and return on equity.

The company previously known as Landcorp Farming has an annual revenue of about $250m and total assets valued at just under $2 billion.

These include 117 farms either owned or managed, 365,000ha, and sheep, beef cattle, dairy cattle and deer valued at $273m at balance date last year.

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