26 Jul 2012

Strong result for Ballance fertiliser co-op

2:30 pm on 26 July 2012

Farmer co-operative Ballance Agri-Nutrients has reported a strong financial result.

An increase in sales during the past year gave the fertiliser co-op a 20% lift in revenue.

Chief executive Larry Bilodeau says though it was unable to match the previous year's record, it still achieved a $77 million profit and returned its 18,000 farmer shareholders $47 million in rebates and dividends - equivalent to more than $44 a tonne.

Mr Bilodeau says a fire at Ballance's Kapanui ammonia-urea plant last year reduced its financial result by an estimated $20 million. That is still the subject of an insurance claim.

Meanwhile, dairy farmer-owned breeding and genetics company LIC has reported a net profit after tax of more than $24 million last year - an increase of almost $7 million on the previous year.

It had a 7% increase in revenue, and returned about $12 million in dividends to its 10,5000 farmer shareholders.