Genestock profit

Press, 2 April 1985, Page 34

Genestock profit

PA Wellington Genestock New Zealand, Ltd, the genetic livestock breeder, has earned a maiden interim group profit of $288,522 in the six months to December 31. Turnover was $1,059,904. Minorities took $36,150 but no tax was paid. No interim dividend will be declared, and as the company began trading only in late 1983, no comparative figures are available. Genestock said the profit compared favourably with the first quarter figure of $143,333. The latest profit included provision for export development incentives. The company had acquired its first Texas farm and this was already contributing to the half yearly profit through payment of fees to Genestock America. The 295 ha farm was 48km south of San Antonio and had the potential to carry 4000 beef and 500 dairy cattle. New Zealand staff

had been working on the property since take-over in December. But the company said it had continuing difficulties in concluding cattle sales in Mexico. After a study of goat farming in New Zealand a decision was made to develop a cashmere breeding project based on a nucleus of top quality cashmere goats and artificial breeding techniques. Genestock said it had continued its research and development programme and its embryo transfer work and in the late spring its first identical twin calves were born from split cattle embryos. With the upsurge in goat prices in late 1984 interest in goat embryo transfers increased markedly. This coupled with a general increase in cattle embryo transfers had resulted in a growing demand for the provision of a service to outside clients.