Listed rural services company PGG Wrightson has made a small half-year profit, as farmers spend less in its stores.
The listed rural services company made $4.1 million in the six months to December, a turnaround from the 32-.8% loss it made in the same period a year earlier.
The previous result included non-operating losses and fair value adjustments worth $47.2 million.
Earnings fell by more than half to $25 million.
PGG Wrightson raised almost $250 million from shareholders last year, including its new cornerstone shareholder, Agria - which it used to repay $200 million worth of debt.
Despite its stronger financial position, managing director Tim Miles says trading conditions have been difficult in the last six months.
The company will not pay a dividend.
And there's been a shakeup within the company's board - which will be reduced from 11 to 10 members.
Chairman Keith Smith will be replaced by Sir John Anderson, who joins the board next month, though Mr Smith will remain a director.
Craig Norgate, Baird McConnon, and Murray Flett, who have been directors since the company was formed in 2005, will step down. Alan McConnon will become a director.