Livestock breeding co-operative LIC has announced a drop in earnings for the past year which it says reflects challenging conditions in the dairy industry during the previous season.
Chairman Stuart Bay says the bulk of LIC's income is generated during the spring peak of each season and 2009 was a low point for the industry.
He says the resulting concern and farmer caution was reflected in reduced sales volumes and a drop of 9% in revenue.
Net earnings fell by 43% to about $9 million.
