28 Jul 2011

Fertiliser co-op announces record financial result

2:25 pm on 28 July 2011

Fertiliser co-operative Ballance Agri-Nutrients will pay its farmer shareholders a record rebate and dividend this year after more than quadrupling its trading profit.

Ballance has announced an operating profit of almost $86 million for the 2010/11 financial year, compared with about $20 million the previous year.

It will be distributing $49 million of that to farmers in the form of a rebate, and a dividend of more than $50 dollars a tonne.

Ballance chief executive Larry Bilodeau says a sharp lift in farmer demand for fertiliser has driven an exceptional year for the co-operative.