State-owned corporate farmer Landcorp has reported a $9.4 million operating loss in the year to June 30, as declining dairy prices hit revenues.
The result compared with a $4.9m operating profit the previous year, itself an 84 percent decline on the previous year.
Statutory profit was $11.5m, reflecting the one-off receipt of $7.4m from land sales and unrealised "revaluation movements on items such as livestock, farm properties and financial assets, e.g. co-operative shares", a spokesman for the company said.
"It's been a tough year for the entire dairy sector, so our result is solid in that context," said chief executive Steve Carden.
The result would have been lower without the progress already being made to strengthen farming systems and its high value Pamu product range, he said.
Landcorp announced during the year that it would stop converting central North Island land to dairy farms.
Revenues for the year fell to $209m from $224.3m the year before.
The company has yet to release full financial statements.