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

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