Landcorp Farming has lifted its earnings forecast for the June year, due in part to higher milk production.
The state-owned entity, which has the Pāmu brand, said its earnings before interest, tax, depreciation and revaluations (Ebitdar) for the year would be in a $59 million and $64m range.
That compares with the previous forecast, issued in February, of between $45m and $50m.
"The change to forecast Ebitdar largely reflects growth in the dairy business as a result of both improvements in expected milk production and lifting value from Pāmu's portfolio of milk products," Landcorp said.