Fertile ground for Ballance and Ravensdown

Farmer-owned fertiliser co-operatives Ballance and Ravensdown have posted healthy profits.

Ballance reported a profit of $49.1 million for the year ending May 31. Ravensdown made a profit of $47.8 million.

Ravensdown will return a total of $34.50 a tonne to shareholders who bought fertiliser from the co-operative in the last financial year.

Ballance's payout to shareholders for the 2003-04 season will be the equivalent of $18.58 a tonne. Both companies were able to reduce prices during the year, thanks partly to the high dollar.