March 24, 2013
PKW lowers forecast but profit still picked
Taranaki land incorporation Paraninihi ki Waitotara is relieved that earlier diversification makes it more able to cope with the effect of the drought on its business.
Chief executive Dion Tuuta says PKW has about 2900 hectares under active control and more than 17,000 hectares under perpetual lease.
It is also a partner in lobster processor Port Nicholson Fisheries, as well as having forestry and other investments.
Mr Tuuta says that means it is still on track for a profit when its financial year ends in June, even though it has had to scale back its forecast of breaking the 3 million kilogram mark for milk solids.
Meanwhile, majority Maori-owned milk processor Miraka is also performing well in the big dry.
Chairperson Kingi Smiler says in its first year its Mokau factory produced a profit, and it's set for a repeat.
He says Miraka, which currently produces a range of whole and skim milk powders, is looking to develop more added-value products.
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