PPCS reduces first half loss 42pc to $8m

NEW ZEALAND - In the six months to the end of February the Dunedin-based farmer-owned co-operative reported a net loss before interest, tax and non-recurring items of $8 million.
calendar icon 30 April 2007
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That was a 42 per cent improvement for PPCS on a $13.7 million loss for the same period a year earlier.

The most recent result was achieved on revenue of $958 million, up from $853 million.

The first six months of each financial year are traditionally the period of lowest profitability in the meat industry.

PPCS said the result reflected that seasonality, accentuated by unsustainable early season livestock prices and the continued appreciation of the New Zealand dollar.

Chief executive Keith Cooper said the company was performing well in the second half of the year, but the ongoing strength of the NZ dollar remained a concern.

Strong currency conditions undermined returns, as New Zealand exported meat into a global protein environment where prices remained under pressure, he said.

Underlying performance had improved in the first half, particularly in plant operating expenses and overheads.

Source: Stuff.co.in

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