Pāmu chair Warren Parker says the company is forecasting earnings for the full financial year between $83m and $88m.
Pāmu (Landcorp Farming) has made a net profit after tax of $41 million in the six months to December 31.
The earnings before interest, tax, depreciation, amortisation and revaluations were $16m, compared with $14m in the previous corresponding period.
The state-owned farming company is forecasting earnings for the full financial year between $83m and $88m, compared with an original budget of $73m.
Chair Warren Parker drew attention to ongoing labour shortages, extreme weather events on the West Coast and in Manawatū and covid disruptions to logistics, processing and the availability of farm supplies.
“Higher than average rainfall and cooler soil temperatures contributed to a decline in peak milk production, however, this was more than offset by record milk prices,” Parker said.
“Red meat pricing has also been buoyant and lambing, calving and fawning performance was in line with recent year averages, enabling us to produce a solid overall result for the half year.”
New chief executive Mark Leslie will join the company in March.
