11 Feb 2016

LIC's profit down 46 percent

4:35 pm on 11 February 2016

Livestock Improvement Corporation (LIC) has announced a 46 percent drop in net profit for the six months ending November, to $15.9 million.

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Photo: 123rf.com

LIC's total revenue for the period was $145m, down 9 percent on the same period last year. No dividend had been declared.

It had previously signalled the reduced earnings in October last year because of the lower forecast milk payout and reduced spending on-farm.

Chairman Murray King said it was expected the year-end result would be closer to break-even.

Farmers had revised their budgets, but most were still willing to invest where it would deliver a return for their business, and LIC's herd improvement services were key to that, Mr King said.

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