30 Jul 2010

Fertiliser companies post strong financial results

4:39 pm on 30 July 2010

Thanks to a fall in world commodity prices, New Zealand's two big fertiliser cooperatives have posted strong financial results for the year to the end of May.

Ballance Agri-Nutrients says it made a successful turnaround in the past year, after reporting a loss of $6 million the year before.

It has made a $21 million trading result and will be able to pay a rebate and dividend to its 18,500 farmer shareholders of up to $17.14 per tonne.

Ballance also says it's reduced its debt from more than $220 million to just over $91 million.

The other fertiliser cooperative, Ravensdown, says its sales increased by 13% in New Zealand and 54% in Australia last year.

It made a before tax profit of $27 million for the year to the end of May, and will return $17 million to shareholders through a rebate of $13 per tonne.