2 Aug 2013

Record result for Ballance fertiliser co-op

10:25 am on 2 August 2013

Fertiliser co-operative Ballance Agri-Nutrients will pay its farmer shareholders a record rebate and dividend this year.

It will distribute $65 million to more than 18,000 farmers, who will each get an average rebate of more than $60 a tonne on the fertiliser they've bought and a dividend of 10 cents a share.

As well, they are in line for a recommended 60 cent increase in the value of their shares to $8.10.

Chief executive Larry Bilodeau says the co-operative has had a record trading result of more than $92 million, despite the drought reducing fertiliser sales.

He says the result has been achieved by very good cost management, buying well and foreign exchange working well and almost all aspects of the business working at their optimum.

Ballance has decided to pay out the rebate and dividends in mid-August, six weeks earlier than usual, to help farmers pick up after the drought.