Dairy herd sales will bolster annual earnings

Allied Farmers expects a recovery in dairy herd sales will bolster the rural services firm’s annual earnings while announcing a smaller decline in first-half profit than flagged earlier this month. The Hawera-based company said net profit fell to $476,000 in the six months ended Dec. 31 from $615,000 a year earlier, slightly ahead of the $420,000 forecast it provided on Feb. 9. Profit attributable to shareholders rose to $281,000, or 0.17 cents per share, from $240,000, or 0.17 cents, a year earlier.