Farming technology business Livestock Improvement Corporation (LIC) has recorded a 3% drop in profit for the 12 months to the end of May.
Net profit after tax was $23.7 million, down $700,000 on the previous year.
LIC general manager Linda Cooper said the fall was due to a change in the value of the co-operative's elite bulls.
However, LIC's underlying net earnings were still strong, increasing to nearly $21 million from $15 million, giving a record dividend of almost $17 million to its farmer shareholders, Ms Cooper said.
