Government payout from Landcorp unlikely
The nationwide drought has sucked $12.3 million from Landcorp’s earnings, the government-owned farmer says.
The company would break even for the year, though a change in the weather could alter that, chief executive Chris Kelly said.
However, the Government’s expectation of a year-end dividend would not be met.
Milk production was 6 per cent under budget as most dairy farms reduced milking. Almost half of Landcorp’s 50,000 cows would be dried off by the end of April to ensure good cow condition for next season.
Landcorp had shipped 10,000 trading lambs from North Island farms to those less affected in Canterbury and Otago.