State-owned farmer Pāmu has delivered its strongest operating result on record, with net operating profit more than doubling to $113 million from $49 million. Chief executive Mark Leslie says net profit after tax reached $160 million and net debt fell $36 million.

“Nearly 60% of that gain has actually come from productivity-driven factors,” he says.

He says return on equity lifted to 9%.

Their profit next year is expected to come back to a range of $77 million to $87 million as costs rise.

CountryWide CONNECT with Andy Thompson & Sarah Perriam-Lampp is our daily rural show livestreamed from 11am-1pm. Visit country-wide.co.nz on how to watch/listen or download the CountryWide CONNECT mobile app, available on Apple iOS and Android.