Sharechat Logo

Affco says second-half profit to exceed first-half

Thursday 31st July 2008

Text too small?
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



  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:

Talley's gains control of Affco with 90.5%
Affco directors get in behind Talley's takeover bid
Talley's declares Affco offer unconditional
Allied Farmers loss doubles amid finance unit's failure
Talley's target disappoints Olam
Talley's extends Affco offer deadline again
Talley's extends deadline on Affco offer
We're worth more than Talleys offer: Affco
Talley's launches full takeover for AFFCO
Fish company up meat works stake