15 Oct 2010

Mixed score card for Landcorp

12:57 pm on 15 October 2010

Landcorp has had a mixed scorecard in meeting its targets for the past year.

The state owned farming enterprise made a net operating profit of $10 million for the year.

With the proceeds of farm sales on top of that , it will be pay a dividend of $18 million to the Crown, its sole shareholder.

But Landcorp was unable to reach most of the production targets it set itselfL milk, sheepmeat, venison, wool, livestock and timber production all below expectations.

Chief executive Chris Kelly says the weather, and in particular drought, was the common factor behind that.

Northland, he says, rained from late November - May

However, beef and deer velvet production and staff training targets were passed.