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Rural recovery bolsters Reid Farmers

By Phil Boeyen, ShareChat Business News Editor

Monday 28th August 2000

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Reid Farmers has provided bottom-line proof of the much talked about rural recovery by posting a 15% profit jump.

Its net tax paid surplus for the year was $4.6 million and compares with $4 million last year. Operating surplus before tax rose 17.8% to $6.6 million.

A 5 cent dividend has been declared, an increase over last year's 4.5 cents, which the company says is a result of the improved trend in core operating earnings.

Four of Reid Farmer's operating divisions - rural real estate, farm supplies, financial services and livestock - improved compared with last year. Only wool had somewhat less of a lustre, with contributions on a par with last year.

The company says it expects further progress to be made in the current year, in line with the favourable outlook for agri-business generally.

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