Livestock Improvement fall

Farmer co-operative Livestock Improvement reported a 43 per cent fall in underlying net earnings to $9.1 million, after the company's key earnings period last spring coincided with a low point for the dairy industry.

Revenue at the dairy herd improvement organisation for the year to the end of May was 9.2 per cent lower than a year earlier at $136.4 million, and net profit fell 66.2 per cent to $8.3 million.

Reduced sales volumes resulted in a fall in earnings before interest and tax of $4.2 million or 20 per cent to $16.8 million, the company said yesterday.