LIC six-month revenue up $3.5m
A strong half-year performance from Livestock Improvement Corporation has resulted in the company posting revenue of a $135.2 million for the six months to November 2013.
The result was up on the $131.7m revenue for the same period in 2012.
LIC chairman Murray King said the good performance was a result of the high milk price and stable weather patterns. These had allowed farmers to invest in tools enabling them to manage animal and farm performance more easily.
Technology was developing at an unprecedented rate and farmers were faced with a bewildering array of technologies to manage a varied set of challenges, King said.
"New Zealand dairy farmers have some of the highest usage rates of technology in the world," he said.
"We have embarked on a multi-year, multimillion-dollar rebuild of our databases and IT infrastructure to future-proof our ability to deliver innovative products and services which will enable Kiwi farmers to maintain their standing as the best in the world."
This rebuild resulted in net profit after tax decreasing by 10.25 per cent from $30m in 2012 to $26.9m. LIC's biological assets were not revalued.
LIC's balance sheet had a total equity of $219.6m compared to $214.6m in November 2012.