Allied Farmers sees profit spike

Healthy dairy returns has helped lift Allied Farmers' pre-tax interim profit to $2.4 million, a 41 per cent increase on the same period last year.

Under new international accounting standards, the company made a like-for-like profit of $1.4 million a year earlier. Net profit was $1.5 million, up from $919,000 in the six months to December 2006.

The company said the result was helped by a 24 per cent increase in revenue at its dairy-oriented rural division, and a surprisingly good result from its finance arm.

The two divisions produced a combined profit of $5.7 million before tax, parent company costs and parent company interest.