South Island farmer co-op profit down 38 pct

South Island farmer co-operative CRT posted a pre-tax annual profit of $3.6 million, down 38 per cent on last year despite record revenue of $478 million.

Chairman Don McFarlane said the board was very satisfied with the result against the tighter rural market backdrop. The profit was lower due to the cost of expansion.

CRT opened seven stores in the South Island in the last 14 months, and 1000 new farmers joined during the year boosted shareholders to 21,000.

The company will distribute a $1.8m rebate to shareholders, and a $3m bonus rebate.

- NZPA