[21 November/ Rural News Group]

Landcorp has reported an after-tax profit of $51.9 million for the year to August 31. In its 2017 annual report, asset values increased to $1.81 billion in 2016-17 and debt fell from $219.6 million to $206.9 million. Recently re-branded as Pāmu Farms of New Zealand, Chief Executive Steve Carden said the 2017 result is pleasing and reflects higher returns from milk, beef and venison. Mr Carden said the company was focussed on decreasing debt and reinvesting in the business as part of its overall strategy, as well as looking at how it can enhance shareholder value along the food chain.