PGG Wrightson's decision to write off goodwill of $321.1
million has seen it report a $306.5 million loss for the year
to June 30.
A challenging year for farmers is expected to be reflected in
PGG Wrightson's full-year result, the farm services company
predicting a substantial drop in earnings.
Farm services company PGG Wrightson saw its first-half profit
boosted 55% to $4.8 million, but ongoing uncertainties in the
agricultural sector prevail for the remainder of the year.
Two employees have accepted voluntary redundancy at PGG
Wrightson's Dunedin office, after completion of the first
stage of a consultation process around restructuring.
PGG Wrightson is restructuring part of its Dunedin operation,
but the company will not say how many jobs are on the line.
PGG Wrightson has achieved a major change in fortunes, with a
net profit after tax of $24.5 million for the year ended
June, following the previous year's loss of $30.7 million.
PGG-Wrightson - controlled by Singapore-based Agria - has
delivered a turnaround result from last year's first-half
loss of almost $6 million for an after-tax profit of $3.1
Prices for most types of wool finished cheaper than the
previous sale a week ago, at the last wool sale for the year
PGG Wrightson is establishing an office in Beijing, aimed at
delivering revenue and profit generating business for the
company in China.
PGG Wrightson has transferred the assets of the international
Wools of New Zealand (WNZ) and Laneve brands to the Wools of
New Zealand Trust, a 100% grower-owned entity.
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