Farmer co-op surplus up

Farmer co-operative Livestock Improvement has had a 15.3 per cent rise in net surplus for the six months ended November. The $21.24 million was up from $18.42 million. A spokeswoman said the co-op's results were seasonal, with most of the activity occurring in the first six months of the year. The high surplus would be balanced out in the second half of the financial year.

Last year, it reported a full-year net surplus of $5.29 million.

Operating revenue for the six months to November rose to $75.5 million, from $72.3 million for the same period the previous year.

An interim gross dividend of 9c was declared, up 9.8 per cent.