KEY POINTS:
Farming Systems Uruguay (NZFSU), which listed in December, posted a first-half net loss of US$6.8 million thanks to a performance fee payable to parent PGG Wrightson.
The deficit, up from a US$124,000 loss a year earlier, was within expectations and the company said it was satisfied with operations close to break even during its development phase. Revenue totalled US$3.3 million.
NZFSU will not pay a dividend. The company forecast a net profit of around US$1 million for the full year, excluding the performance fee.
- NZPA
