The Panel with Andie McCombs and Kirsty Cameron Part 2
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RNZ News
an hour ago
- RNZ News
Country's largest pastoral farmer Pāmu forecasts record profit in major turnaround
Mark Leslie, chief executive of Pāmu Farming that's expected to flip back to profit in FY25. Photo: SUPPLIED/PĀMU FARMING (Kara Tait) Pāmu is forecasting a record profit for the last financial year, as high prices for dairy and red meat help offset adverse weather events this year like drought and floods. The state-owned farming enterprise, formerly Landcorp Farming, forecasted an after-tax profit of between $119 and $122 million in the year ended June 2025. Pāmu, the country's largest pastoral farmer, managed about 360,000 hectares from Northland down to Southland across 112 dairy, sheep and deer farms as well as in horticulture and forestry. The forecasts marked a significant turn-around from last year's balance sheet when it posted a loss after tax of $26m. Chief executive Mark Leslie said the improved financial result was driven by the record milk price and strong livestock values. "On the operational side, we are laser-focused on core farming activities and operational excellence initiatives," he said. "Productivity gains through targeted pasture and livestock management have been key to the turnaround in performance. "Market-driven conditions-such as high international demand supporting milk, beef, and lamb prices-have contributed to revenue outcomes, offsetting weather-related challenges such as drought in the Central North Island." File photo. Photo: RNZ / Samuel Rillstone Strong export demand for New Zealand beef had pushed up beef farmgate prices to above the five-year average, particularly from key market the United States, and lower domestic production. Similarly, lamb prices had continued to rise, driven by continued strong demand in key markets and the reduced lamb slaughter volumes nationwide. The announcement of forecast results on Thursday followed earlier reports of criticism around commercial performance and calls for the government to sell the state-owned enterprise. Pāmu was expecting a net operating profit for the 2026 financial year of between $56m and $66m. It said the wide range of the next forecast recognised the risks presented by material adverse weather events, volatility in commodity prices, currency and other markets and geopolitical tensions. The company's full-year audited results will be posted in the last week of August. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
an hour ago
- RNZ News
Auckland cafe owner worried for business after road shut off
Boarded up and blocked off - an Auckland city cafe owner is worried for his business after the road it sits on was effectively turned into a cul-de-sac. Hoardings have been placed around the former Fitzroy Hotel in the inner city, as the cracked building is deemed dangerous and unstable. But it's having a knock on effect on nearby businesses, with footfall down and parking limited. Owner of The Tuesday Cafe, Nick Worthington spoke to Melissa Chan-Green.
RNZ News
an hour ago
- RNZ News
Fonterra boss rejects idea of discounted butter prices for New Zealanders
Fonterra chief executive Miles Hurrell. Photo: RNZ / Dan Cook The head of dairy giant Fonterra says the co-operative cannot and will not have different butter prices for local and overseas customers. It comes amid soaring prices for the household staple, with Stats NZ data showing the price of a 500g block of butter rising 46.5 percent in the year ended May. Other dairy products such as milk and cheese have also recorded steep price increases amid global demand. Fonterra chief executive Miles Hurrell fronted the media in Christchurch on Thursday, after a highly publicised - but regular - meeting with Finance Minister Nicola Willis on Tuesday, where the pair discussed the price of butter, amongst other things. He sympathised with households feeling the pinch but said price increases were a reflection of supply not being able to keep up with demand. Hurrell said for a block of butter at the supermarket, roughly 80 percent was determined by the international market. He said globally there was a growing need for both dairy fats and dairy protein, underpinned by strong demand from China and other nations. Hurrell rejected that Fonterra had a social responsibility to offer cheaper products to local consumers. "We know we have an obligation to sell here in New Zealand, and we do that, and we support the New Zealand economy," he said. "But our job is to not come in with a two-tier pricing system ... and discount here in the New Zealand market - where we have an international obligation to operate as well," he said. "If you're going to get into discounting by product - this is not a game that we're playing." Hurrell said Fonterra's responsibility was to its farmer suppliers , a comment he had made earlier. "We're a co-operative, and our job is to go and support the 8500 family farms that we support here in New Zealand," he said. "I know for a fact that when they get their share of $25 billion [in estimated] revenue that comes back, they do a heck of a lot ... to support their own communities." He said strong dairy prices were in fact a "good news story" for the New Zealand economy. "It talks to the economic recovery that I know the New Zealand government have been talking about." Recent economic data showed annual inflation rose to its highest level in a year in the June quarter, partly driven by food prices, which in turn, were driven by dairy prices. Hurrell said the final prices on local shelves were set by retailers, who set their own costs and margins. He said he explained all of this to Finance Minister Nicola Willis on Tuesday. In response to the strong public debate around the price of butter, Woolworths New Zealand - one of the country's two big supermarket operators, said it was "working hard to keep butter prices as low as possible, for as long as possible". "Market conditions have changed significantly in the last few months and international butter prices are now at record highs," a spokesperson said. "While this is great news for our farmers, it does mean we have to pass on these increased prices to our customers, which is why we've changed the shelf price for butter products," they said. Foodstuffs North Island - the operator of PAK'nSAVE and New World - referred RNZ to previous comments made by chief executive Chris Quin on social media last month. "Analysis as of May 2025 confirms that among major grocery retailers operating throughout the North Island (as distinct from those in a limited number of locations), PAK'nSAVE offers the most affordable 500g block of butter, at $8.29," Quin wrote. Quin said while tough for households, strong global dairy prices were "ultimately good for New Zealand's economy". Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
