21 Mar 2011

Landcorp returns to profit

1:25 pm on 21 March 2011

Higher dairy prices have helped the Government's farming business, Landcorp, return to profit.

Landcorp made $3.2 million in the final six months of 2010 - a turnaround from the $6.4 million loss it reported a year earlier.

Sales of milk pushed up revenue by more than a fifth to $92 million, with beef, lamb and wool also contributing to the improvement.

Landcorp says it expects to make a $10 million profit in the 2010 financial year, assuming milk, lamb and beef prices do not fall and the New Zealand dollar does not appreciate.