August 21, 2012 / 8:47 PM / 5 years ago

RPT-NZ's PGG Wrightson returns to profit

(Repeats with no change)

WELLINGTON, Aug 22 (Reuters) - New Zealand agricultural services company PGG Wrightson Ltd on Wednesday announced a full-year profit of NZ$24.5 million ($20.7 million), returning to the black as it increased sales.

Last year the company, which sells supplies and services to farmers, made a loss of NZ$30.7 million, reflecting asset write downs and restructuring costs.

Shares in PGG Wrightson, majority owned by Chinese investor Agria, closed at NZ$0.32 on Tuesday. So far this year the stock has fallen about 18 percent against a 12 percent gain for the benchmark NZX-50 index.

It said it was concentrating on core business and was also looking at its agritech business to add to earnings.

“We are therefore anticipating growth in our significant business units and driving for improved earnings for the coming financial year,” managing director George Gould said in a statement.


Reporting by Naomi Tajitsu

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