April 1, 2008

New Zealand LIC's operating revenue up by 15.9 percent

The operating revenue of New Zealand dairy farmer cooperative LIC has increased by 15.9 percent to NZ$89 million for the six months to the end of November.

The surplus before income tax was up 15.1 percent to NZ$28.5 while the tax expensed increased dramatically because LIC no longer had tax losses available, declared the company.

The winter and spring of 2007 were buoyant because of the predicted dairy payout and favourable growing conditions in the country, said LIC Chairman Stuart Bay.

Farmers invested in their herd infrastructures with growth in expenditure across the range of LIC products and services, Bay said.

Record sales had been reached across the board, especially in artificial breeding, herd recording and farm automation products.

Revenue from Ireland and the UK slowed due to the new EU requirements in semen imports.

LIC provides a diverse range of products and services to the dairy, beef and deer industries both in New Zealand and around the world.