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Affco says second-half profit to exceed first-half

Thursday 31st July 2008

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AFFCO Holdings, the North Island meat processor, said demand for sheep, beef and venison and a lower kiwi dollar means profit in the second half will probably exceed the first six months of the year.

The company earned NZ$10 million in the first half, on sales of NZ$496.6 million. It didn't detail its second-half earnings forecast.

AFFCO has attempted to diversify its investments to reduce dependence on meat processing, which has suffered from a lack of available livestock, prompting rivals such as Silver Fern Farms to close plants and cut jobs.

AFFCO owns 44% of Dairy Trust, which is seeking to buy the 47.6% of Open Country Cheese Co. that it doesn't already own as part of a deal with Singapore-based agricultural products distributor Olam International.

Shares of AFFCO fell 2% to 49 cents. The stock has jumped more than 50% this year.

By Jonathan Underhill

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