Richmond is back on track to deliver full year profit target despite a disappointing half year profit result
Published:
19 May 2004 y., Wednesday
An extremely challenging start to the season has resulted in Richmond today announcing an after tax profit of $433,000 for the six months to March 31, 2004.
Chief Executive Officer Richard Carver said Richmond is disappointed with the half-year result, which was impacted by the issues detailed in this announcement.
The rising New Zealand dollar, increased competition and additional capacity in the lower North Island has adversely impacted both the volume and margins of Richmond’s sheepmeats business. Adding to this, the East Coast storms in spring resulting in lamb losses of approximately 0.5 million and the severe flooding in February significantly eroded Richmond’s profit for the first half of the season.
The February flooding resulted in both interruption and damage to Richmond operations in Hastings, Takapau, Oringi, Waitotara and Shannon.
The Company carries comprehensive business interruption and material damage insurance and is working closely with its insurers.
Total Revenue was $589.7 million, an 11 percent drop on the previous half year’s $663.3 million.
The result compares to a $14.2 million (after tax profit) for the same period last year, when the company was processing at record levels due to the climatic conditions.
Šaltinis:
scoop.co.nz
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EU needs a strategy by 2011 to encourage the creation of green jobs, says a draft resolution by the Employment and Social Affairs Committee that was adopted on Wednesday.
more »
Householders should not have to go without gas due to a gas-supply crisis, and such crises should be better managed, thanks to EU-wide co-ordination procedures and interconnection requirements laid down in draft legislation agreed informally with the Council at the end of June and approved by the Industry Committee on Tuesday.
more »
Today the Council has taken the formal decision which will pave the way for the introduction of the euro in Estonia as of 1 January 2011 and will become the 17th European Union country to share the euro currency.
more »
Proposals to improve protection for bank account holders and retail investors, and set up similar schemes for insurance policies.
more »
How should the EU's farm policy be reshaped and how should it be funded after 2013?
more »
MEPs on Wednesday approved some of the strictest rules in the world on bankers' bonuses.
more »
Long before the financial crisis the European Parliament regularly pointed out the significant failures in the EU’s supervision of ever more integrated financial markets.
more »
New strategy for stimulating tourism in Europe – to realise the full potential of an industry that already plays an important role in the economy.
more »
The European Commission has disclosed who in 2009 received EU funds in policy areas like research, education and culture, energy and transport or external aid.
more »
The European Commission has approved 19 programmes in 14 Member States (Austria, Belgium, Czech Republic, Denmark, Germany, France, Greece, Italy, Ireland, the Netherlands, Poland, Slovenia, Spain and the United Kingdom) to provide information on and to promote agricultural products in the European Union.
more »