Sharechat Logo

NZ Farming Systems output beats forecast

Wednesday 10th September 2008

Text too small?
NZ Farming Systems Uruguay, the company set up to export New Zealand's intensive dairy farming techniques to South America, said milk production is ahead of forecast because of good weather.

The company's farms "have experienced ideal climatic conditions during the last three months, with a milder than expected winter, together with good rainfall leading to very strong levels of high quality pasture growth," chairman Keith Smith said.

Milk production per cow exceeded forecast by 10% in July and August and the company spent less on supplements because of pasture growth.

NZ Farming Systems is a separately traded spin-off from PGG Wrightson, which raised funds for the business in 2006 to tap the potential for dairy farming in South America.

Shares of NZ Farming Systems have gained about 8% since they began trading last year and were last at NZ$1.58. Wrightson has gained 14% this year.

Prices for farms in some regions of Uruguay have doubled in the past few years, according to local estimates.

By Jonathan Underhill



  General Finance Advertising    

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.

Related News:

NZ Farming Systems cuts FY guidance
NZ Farming Systems milk production 10% below target
NZS shareholders accept Olam takeover offer
Olam offer for NZFSU tops 50%, going unconditional
NZ Farming Systems gets Tip Top boss
Union Agriculture quits bid for Farming Systems
Olam gains consent to purchase all of NZFSU
Enhanced offer for Farming Systems wins over ACC
Olam hikes offer for Farming Systems
Wait for third-party offer: Farming Systems