Profit down for farmer co-operative

South Island farmer co-operative CRT posted a pre-tax annual profit of $3.6 million, down 38 per cent on last year despite record revenue of $478 million.

Chairman Don McFarlane said the board was satisfied with the result against the tighter rural market backdrop.

The profit was lower because of the cost of expansion. CRT opened seven stores in the past 14 months, and 1000 new farmers during the year boosted shareholder numbers to 21,000.

The company will distribute a $1.8 million rebate to shareholders and a $3 million bonus rebate.

- NZPA