Tuesday 2nd September 2008
|Text too small?|
Profit rose to NZ$32.4 million in the year ended June 30, from NZ$2.7 million a year earlier. Total equity rose to NZ$203.3 million from NZ$151.9 million.
"The very strong demand for dairy and arable properties, or those capable of dairy support operations, led to a substantial increase in rural land values of those farm types," chairman Selwyn Cushing said.
Rural Equities owns 62.4% of New Zealand Rural Property Trust and manages its portfolio of 30 farm properties. Dairy prices have reached record levels in the past 12 months stoking prices of farms and land that can be converted to dairying.
Cushing said the outlook for the rural sector is "very encouraging."
"We see continuing strong dairy product and arable crop prices as well as improving sheep and beef product prices," he said. "Combined with the recent decline in the exchange rate for the New Zealand dollar, there are positive signs for the year ahead."
No comments yet
Seeka Limited (NZX: SEK) Confirms Market Guidance
Australia and New Zealand Banking Group Limited (NZX: ANZ) Acknowledges Class Action Proceedings
1st December 2021 Morning Report
Livestock Improvement Corporation Limited (NZX: LIC) Appoints New Chief Executive
30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete