Ravensdown profit $16m

Fertiliser company Ravensdown has posted a 73 per cent rise in annual operating profit to $16.3 million on record turnover of nearly $500 million.

The company was returning $24.9 million to shareholders through rebates on fertiliser sales after a tough year for many farmers, said chairman Bill McLeod.

"The board and management took a number of actions last year in the face of the previous year's industry downturn. We made sure we had the right number of people to serve a reduced New Zealand market, that our inventories were kept tight, and the business was run lean."

Operating profit fell the previous year to $9.4 million from $31 million.

- NZPA