PGG Wrightson, the agricultural technology and services company controlled by Singapore-based Agria, returned to profit in the first half after increases in earnings from livestock, retail and its AgriTech units.
Profit was $3.1 million in the six months ended December 31, from a loss of $5.9 million a year earlier, the company said in a statement. Earnings beat brokerage First NZ Capital's expectations of $1.8 million. Sales rose 12.5 per cent to $693.8 million.
"Operating profitability has improved as the company follows its plan which is simply to offer high quality service and products to its farmer clients throughout New Zealand, Australia and South America," said George Gould, managing director, in a statement to the NZX.
Since Agria took control of Wrightson last year the company has been streamlining its business and selling assets. Heartland New Zealand bought its finance unit for about $98.2 million.
According to today's accounts Wrightson made a $3.4 million loss on the sale of that unit. Wrightson's board didn't declare an interim dividend and hasn't made a return to shareholders since 2010. Shares in the company are up 2.6 per cent to 40 cents.