The country's largest corporate farmer, the Crown-owned Landcorp, has reported a large profit after favourable weather conditions boosted production.
In the year to the end of June, net profit after tax totalled $55 million, up from an $18 million loss during the previous period.
Revenue increased 37 percent to about $242 million, while it has reduced debt by $56 million to $172 million, following the sale of various farms in the North Island.
Landcorp said the revenue growth reflects a recovery in prices as favourable weather boosted production volumes for dairy, sheep and beef products.
It said its expansion of dairy production across the country, combined with record milk solid prices, contributed to the strong performance.
Landcorp will pay an increased dividend of $7 million dollars to it's sole shareholder, the Crown, up from $5 million the previous year.
The state owned enterprise owns or manages 137 dairy, sheep, beef and deer farms throughout the country.
