Latest / Best of Business / Jamie Mackay: The Country host on Pāmu Farms' economic turnaround

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Jamie Mackay: The Country host on Pāmu Farms' economic turnaround · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News talk Ed be
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• 0:18
  Speaker 1: The Rural Report on hither due to see Alan Drive here.
• 0:22
  Speaker 2: I've had the misfortune to watch another TV one hatch
• 0:24
  Speaker 2: job on Erica Stanford's education curriculum changes. Got you the
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  Speaker 2: Actually we were watching it too, got you the details.
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  Speaker 2: I'll run you through it shortly seventeen pas six Jamie McKay,
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  Speaker 2: Host of the Countries with Me, Hello, Jamie Heather. So
• 0:35
  Speaker 2: how good is that big Lang Corp turnaround?
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  Speaker 3: Oh? It's pretty good actually, And I'll give a bit
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  Speaker 3: of credit to Mark Leslie. I've been one of their
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  Speaker 3: critics in the past few years. I think he's moved
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  Speaker 3: on from his predecessor and I think they were a
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  Speaker 3: bit guilty of being a wee bit woken going down
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  Speaker 3: non traditional farming paths. He's got them back to their knitting.
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  Speaker 3: Fifteen million dollar dividend to the Crown. That's okay. But
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  Speaker 3: you know this is I guess it's an organization with
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  Speaker 3: I think about one point six billion dollars worth of property.
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  Speaker 3: The return on equity is interestingly seven point three percent,
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  Speaker 3: but the return on asset value total asset values less
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  Speaker 3: than one percent. But look, they can't sell it. They
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  Speaker 3: can't sell it hole us boldest because it would collapse
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  Speaker 3: the landmarket and they wouldn't there wouldn't be buyers for
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  Speaker 3: it anyhow. So I'm displeased to see Land Corp getting
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  Speaker 3: back to it's knitting and getting good results. Now. A
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  Speaker 3: lot of you have to temper that, Heather, as Mark
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  Speaker 3: did when he was chatting to you. You know, a
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  Speaker 3: good portion of this is due to the upturn in
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  Speaker 3: commodity prices, so they've had a big upswing, especially in
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  Speaker 3: their dairy and their red meat. And I don't think
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  Speaker 3: he mentioned this, but I was chatting to him on
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  Speaker 3: my show earlier today and that what they're forecasting for
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  Speaker 3: the financial year twenty six next year is even going
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  Speaker 3: to be better, and that is off the back of
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  Speaker 3: obviously increase commodity prices from their financial year twenty five
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  Speaker 3: and like the rest of us who are in farming,
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  Speaker 3: probably considerably less in terms of their payment. So you know,
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  Speaker 3: they're heading in the right direction. Pat on the back
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  Speaker 3: for that one. They're still not out of the woods yet, though, Heather,
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  Speaker 3: because there's the issue of what they do with Molesworth,
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  Speaker 3: New Zealand's biggest farm. It's owned by Doc Landcourt Palm,
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  Speaker 3: who's only the least sea there. I think that lease
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  Speaker 3: is only confirmed up until twenty twenty six. There's a
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  Speaker 3: lot of concern down at Molesworth and Marlborough there about
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  Speaker 3: wilding pines or even the prospect of planting some of
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  Speaker 3: that wonderful farm, and it is a very expensive farm
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  Speaker 3: and pine trees for carbon farming. We had the sudden
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  Speaker 3: resignation of the long standing manager, Jim Ward in July,
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  Speaker 3: so you know, a bit to come out on the wash.
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  Speaker 2: Yet why did that manager actually quit? Was it really
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  Speaker 2: the pines?
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  Speaker 3: Look, I don't know, to be perfectly honest, he's been
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  Speaker 3: gagged we but I asked Mark about today on my
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  Speaker 3: show and he sort of said, oh no, well, we
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  Speaker 3: change our managers quite regularly. Look, Jim Ward had been
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  Speaker 3: there a long long time. From all accounts, he was
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  Speaker 3: a popular manager, successful manager. They had a great beef operation.
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  Speaker 3: I think something like six thousand beef cattle there. I
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  Speaker 3: know that he was not happy with the way the
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  Speaker 3: wild and pines were being managed. That may not even
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  Speaker 3: be a Land Corp issue. That's probably a dock issue,
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  Speaker 3: And I just apparently Mark said to me today on
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  Speaker 3: the show Mark Leslie that Doc is going to make
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  Speaker 3: an announcement about what's going to happen to Molesworth Station.
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  Speaker 3: They haven't necessarily had the best track record on the
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  Speaker 3: past heather of taking over productive farmland, so I just
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  Speaker 3: hope it doesn't go to rack and Ruin and Gorse
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  Speaker 3: and broom. Yeah.
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  Speaker 2: Hey, thank you very much, Jamie. As always Jamie mckaye,
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  Speaker 2: Host of the Country.
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