Thursday 17th November 2011 1 Comment
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Silver Fern Farms, the biggest South Island meat company, turned to a full-year operating surplus, from a year-earlier loss, as it benefited from sales growth driven by higher prices for red meat.
Operating earnings were $40.6 million in the 12months ended Sept.30, from a loss of $8million a year earlier, the company said in a statement. Sales climbed to $2.1 billion from $1.8 billion.
In a year marked by a volatile New Zealand dollar, storms that resulted in a record-low lamb crop and a fire at the firm’s Te Aroha plant, farmers ended up getting record returns, thanks to rising prices for red meat and by-products, chief executive Keith Cooper said.
The company will pay a dividend of 10 cents a share, bringing distributions to $14.5 million when the quarterly performance premium payments are included.
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