PGG Wrightson

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 million.

Prices for most types of wool finished cheaper than the previous sale a week ago, at the last wool sale for the year in Christchurch.

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.