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Article: PGG Wrightson hit
- Article from:
- The Press
- Article date:
- August 23, 2006
- Author:
CopyrightCopyright 2006 The Press. Provided by ProQuest LLC. (Hide copyright information)
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PGG Wrightson has delivered a maiden annual profit significantly
below what it forecast when it merged in October, citing winter
storms, plus low beef and lamb export prices.
But the listed Christchurch business, New Zealand's biggest rural
services group, was more upbeat about this financial year, arguing a
lower New Zealand dollar and the cost savings flowing from the merger
would boost profits in line with analyst expectations.
PGG Wrightson, which ranges across rural real estate, livestock
broking, farm goods supplies and rural financing, yesterday announced
a June year after-tax profit of $27 million.
The firm called the result "satisfactory", despite it being $3m