Listed firm New Zealand Farming Systems Uruguay has sold part of a farm in the South American country for $US8.5 million.
The company has battled drought and the global recession, and is forecasting a full year loss of $7 million to $10 million.
The company says it will use $5 million to pay its farm manager, PGG Wrightson, and the rest it will put aside for developing its existing farms.
Chairman John Parker says it has made a profit on the sale, and it will sell more land.
