Full year profit at Landcorp has dropped more than a third following falls in the price of milk and timber.
The State owned farming company's profit fell 36% to $27 million for the year to June, compared with last year's record result of $42.2 million.
Total revenue from farming fell 4% to $210.5 million.
It will pay the Government a dividend of $20 million, a decline from last year's $27.5 million.
Landcorp expects commodity prices to be more volatile over the coming year, and lower than last year and has halved its forecast for the 2013 financial year to 13 million.
