17 Feb 2010

Offshore farmer lowers loss

6:48 am on 17 February 2010

New Zealand Farming Systems Uruguay narrowed its half year loss to $US7 million due to increased milk production, better milk prices and cost cutting.

The listed dairy farming company, which owns several large farms in Uruguay, was severely hit by drought last year.

But more rainfall and improved conditions boosted revenues by 42% to almost $US11 million in the six months to the end of December.

Chief financial officer Andrew Clark says an underlying profit of $35 - $40 million is expected by 2015, as more farms are developed and milk production increases.