LIC reports higher interim earnings, positive on outlook

Livestock Improvement Corp (LIC) is attributing a rise in interim earnings to the willingness of farmers to invest in services that boost productivity.

The company today reported underlying earnings of $24.9 million in the six months to November 30, up from $19.9 million a year ago.

Revenue rose to $112.1 million from $94.7 million for the same period the previous year. No interim dividend was declared.

"Farmer investment in services essential to productivity and even in difficult economic and climatic conditions, dairy farmers have invested in LIC's core products of genetics, herd testing and recording information to secure income and farm viability into the future," chairman Stuart Bay said.

LIC said its business, particularly artificial breeding, is highly seasonal so the half-year is not indicative of the full-year result.

But Bay said a resurgence of confidence in commodity markets and favourable climatic conditions throughout New Zealand gave confidence that the second half trading conditions would remain positive.

NZPA

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Geneva Finance Limited (NZX: GFL) Half Year Results
The New Zealand Refining Company Limited (NZX: NZR) NZ announces equity raising
Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021
Me Today Limited (NZX: MEE) 30 September 21 Results and Conditional Placement
Oceania Healthcare Limited (NZX: OCA) Delivers Improved Performance Despite COVID-19
29th November 2021 Morning Report
Radius Residential Care Limited (NZX: RAD) Announces Half Year Results of FY22
NZ Automotive Investments Limited (NZX: NZA) Interim Results for Half Year 2022
Greenfern Industries Limited (NZX: GFI) Releases Interim Results
Hallenstein Glasson Holdings Limited (NZX: HLG) Announcement of Final Dividend