Landcorp has recorded a net profit after tax of $11.5 million, largely thanks to a $7.4m profit on land sales.
The state-owned enterprise, which Finance Minister Bill English earlier this year described as a “poor investment” although the Government had no intention to sell it off, reported a net operating loss of $9.4m on revenue of $209m for the year ended June 30, 2016.
For the second year in a row it will not pay a dividend to the Government.
Taxpayers should not be owners of a commercial business that buys and sells land and runs dairy farms. There is no public good reason to do so.