29 Jul 2011

LIC announces record financial result

1:39 pm on 29 July 2011

A second farmer co-operative has announced a record financial result this week in a further sign of economic recovery and rising confidence in the agricultural sector.

Livestock breeding and genetics company LIC has reported net earnings of more than $17 million for the past financial year, 88% up on 2009-2010.

LIC will pay out 80% of its earnings - more than $13 million - as a dividend to farmer shareholders.

Fertiliser co-operative Ballance Agri-Nutrients has also announced a record rebate and dividend payout to its farmer shareholders after quadrupling its operating profit.