Meat company Affco Holdings has reported a 57.9 per cent fall in annual net profit to $25.35 million. Last year's profit included $19.4m from the sale of shares in its dairy arm. This year's profit was achieved on a 1.4 per cent fall in revenue to $1.1 billion reports Stuff. The impact of the global financial crisis and lower livestock throughputs presented volatile and challenging conditions, the company said. "Low and sometimes negative profit margins have been a regular occurrence," it said. "While some of this is reflected in the financial year ended September 2009, it will also impact on the result for the ensuing year." The company is expecting tougher livestock flows in the new season and is also expecting the high New Zealand dollar to impact on returns.
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