A better Ballance

Increased sales volume was the key to a "strong financial performance" despite a fall in profit, fertiliser company Ballance Agri-Nutrients said yesterday.

Volume sales of fertiliser for the year ending May 31 at the farmer-owned co-operative were up 5 per cent on last year at 1.5 million tonnes, driving revenue up 10 per cent at $458 million, but operating surplus before tax of $40.9 million was down 17 per cent.

Chairman David Graham said a major factor in the reduced profit was a strategic decision in the first six months to maintain fertiliser price levels in spite of rising shipping, fuel and raw material costs.

Paid-up shareholders will get a payout equivalent to $20 for each tonne of fertiliser bought, up 8 per cent on last year.

The shareholder payout is made up of a rebate average of $16.42 a tonne and a fully imputed dividend of 8c a share.