Landcorp is budgeting for a more modest financial result this year, because it expects lower prices for farm products.
A big boost in milk, sheepmeat and beef returns coupled with higher earnings for wool, venison and timber helped Landcorp to quadruple its net operating profit for the past year to more than $42 million before tax.
For the current financial year, it has budgeted for a significantly lower profit of about $16 million.
Chief executive Chris Kelly says it's a conservative forecast, because there are many factors that could change. He says the extremely variable revenue is mainly due to weather and product prices.
Mr Kelly says Fonterra has already said it will be paying a bit less than the record payout just made, so estimates of milk and beef prices are back a bit, though lamb prices are expected to hold steady.