|
|
Article: Allied Farmers sees profit plunge 40%
- Article from:
- The Press
- Article date:
- June 13, 2006
CopyrightCopyright 2006 The Press. Provided by ProQuest LLC. (Hide copyright information)
|
Taranaki-based Allied Farmers is blaming a slowing down in the
real estate market and problems with its struggling pine business for
an expected 40 per cent drop in pre-tax profits.
Yesterday, chairman John Loughlin said the company was now
forecasting pre-tax profits of $2.15 million for the year to June 30,
compared to $3.47 million last year.
Profits for the six months to June 30 would also be $150,000
lower.
Loughlin said the downgrade reflected a tougher real estate market
and a "necessary but unscheduled" restructuring after several staff
left to join Wrightson's real estate.
"Last year was a really buoyant year (for real estate) with a lot
of transactions going through and a lot ...