Favourable growing conditions and record milk prices have boosted Landcorp's half-year profit, the state owned farming company says.
Profit rose to $12.2 million from $2.5 million for the same time the previous year.
Revenue from milk for the six months to December was $74.8 million - up from $47.3 million the year before - and revenue from forestry almost trebled to $1.5 million.
The state-owned farming group, which runs 137 properties across the country, also benefited from the sale of a large dairy farm at Porirua.
Based on the half-year result, the company said it expected a full-year net profit of about $35 million.
Landcorp worried about dry conditions
Landcorp, says it's concerned about the dry conditions across much of the North Island, and it may have to start drying off dairy herds earlier than anticipated.
The company says although the profit is good news after last year's drought, and it's quietly confident about the full-year results, it's nervous about the lack of rain in the North Island.
Landcorp chief executive Steven Carden says the half-year profit boost is mostly due to increased milk prices.
