Low stock numbers and a firming exchange rate have combined to slash PPCS' end of year profit by 77 per cent to $8.4 million.
Operating revenue fell from $1.165 billion to $1.093 billion.
Chairman Jim Pringle said South Island sheep slaughter numbers hit a 23-year low for the year toAugust 31, which hit fixed processing costs and ultimately the company's result.
The previous year was described by PPCS as a milestone, when it broke the $1 billion in revenue barrier for the first time and recorded a record profit of $36.8 million.
But this year competition for stock ate into all meat company margins. At the same time, PPCS is waiting for the decision of Justice Young in the High Court at Christchurch, who has reserved his decision on a call by North Island meat company Richmond to have PPCS punished for breaches of the Securities Amendment Act.
