Dairy Brands NZ has announced plans to sell two of its 14 farms by public auction from November 22-24.
Proceeds from the sale of Murrayfields, in North Canterbury, and Pukeuri, in North Otago will be reinvested into boosting the profitability of the company's 12 remaining farms.
Seven of those farms are in
Canterbury and the other five in North Otago, said Dairy Brands chairman Peter Jensen.
"The sale ... is consistent with Dairy Brand's policy over the past few years of developing its role as a farmer and not just a property owner through the conversion of its farms from 50/50 sharemilking contracts to company-owned and managed operations," he said.
Dairy Brands announced a profit for the year to the end of May of $119,000.
A profit of approximately $1.5 million is forecast for the 2000-2001 financial year, following the implementation of new farm management systems, including production monitoring, feed planning, the management of supplementary feed, and on-farm supervision.
- NZPA
