Meat processor Alliance Group says the high New Zealand dollar could undermine returns this year.
The company made a profit of $42.1 million in the year to September, a decrease of 38% on the previous year. Turnover totaled $1.5 billion.
Chief executive Grant Cuff says it is a strong result given the global recession, and the company has lifted returns to its farmer shareholders by between 20% and 30%.
However Mr Cuff says things could be more challenging in the current financial year.
The markets for its products are still good, he says, but the main change is the effect of the strength of the currency on the company's returns.