Higher milk prices and improved production have helped New Zealand Farming Systems Uruguay's half year result.
The listed company made $US367,000 in the final six months of last year compared with a loss of $6.8 million in the same period a year earlier.
When revaluations of its livestock are stripped out, it lost $5.1 million.
Revenue rose more than 81% to $34 million, largely due to increasing milk production and prices, but farm expenses rose sharply to $17 million because of rising feed costs.
The company says it expects milk production and revenue to continue to increase in the second half of the year but with higher expenses and interest costs.
It still expects earnings to break even for the full year, before any livestock adjustment.
The company is 86% owned by the Singapore food giant, Olam International.
Shares in New Zealand Farming Systems were unchanged at 61 cents on Wednesday.