The after-tax result, increasing $1.3m for the first six months of the financial year, was on the back of upbeat agricultural prices.
PGW reported earnings before interest, taxes, depreciation and amortisation (ebitda) of $45.7m, up $4.4m or 11% from the same period a year ago.
Revenue was up nearly $50m at 9% to $619.4m.
The rural business company expects further strong trading in the second half.
A spending boost is expected from an average $300,000 one-off payment to dairy farmers from Fonterra’s sale of its consumer business.
Chief executive Stephen Guerin said a strong start had put the company in a good position for the second half of the financial year.
"We always say in this business that if we get to Christmas and we are in good shape we can turn the corner and make all the best from a strong run home."
PGW was seeing dairy farmers already investing in their businesses from the coming one-off Fonterra payment.
"We have sold some properties to farmers as they look to expand their footprint and some are looking for rural residential property as well.
"We are seeing forward inquiry for their irrigators and farms being converted and they are looking for herds and additional animals and fencing."
Other farmers were boosting beef calf production.
In the first half farmer confidence was up from strong red meat markets driven by tight global supply and continued offshore demand, high dairy prices and improving wool prices.
Export prices were positive for kiwifruit and apples, resulting in overall good demand for PGW products and services.
The real estate business was "buoyant" and only viticulture and arable sectors experienced weaker demand.
Mr Guerin said the company had performed well, but had to acknowledge the confidence in the rural sector and commodity prices contributing strongly to the result.
PGW’s livestock, wool and real estate agencies’ ebitda of $8.7m increased 27% with $89.8m of revenue up 14%, and its retail business made healthy earnings.
Arable farmers faced depressed pricing and rain-hampered harvests.
Arable growers with good land and water were likely looking at alternatives with 30-odd consents understood to be in the system for new dairy farms, he said.
Chairman John Nichol said the company remained on track to deliver its forecast full-year operating earnings guidance of about $64m.
