Fertiliser cooperative Ravensdown overcame a weak New Zealand dollar, rising costs and a drought, to keep 1999 sales within 4 per cent of last year's record levels.
Ravensdown's annual report shows fertiliser sales of 1.064 million tonnes in the year to May 31, compared with 1.1 million tonnes in the previous
year.
Chairman Jim Pringle said Ravensdown managed to hold or decrease prices, despite some rising import costs.
"Despite the price reductions and the exchange rate pressure on costs, our before-tax profit this year was $24.25 million - a strong result. A profit above $24 million is a very satisfactory result," he said.
Ravensdown's purchase of Fernz Corporation's Taranaki assets and expansion into the top half of the North Island continued to pay "handsome" dividends.
The annual report shows the 1999 profit was down 3.2 per cent on the $25 million reported last year.
Sales were $262.6 million, compared with $277.1 million last year.
Meanwhile, the chairman of BOP Cooperative Fertiliser, Peter Jensen, says his company has "come of age" as a national fertiliser manufacturing and marketing company over the past year.
The most important development was the joint venture begun with Norsk Hydro - the world's biggest and best-resourced fertiliser company which has taken a 20 per cent stake in BOP Fertiliser.
