The state owned farmer Landcorp will pay 18 million dollars to the government after facing a financially critical year. The Landcorp is the owner of more than 100 farms and running 850,000 beef cattle, sheep, deer and dairy cows.

In the annual financial report the company reported that half of the dividends came from the sales of three farms and two other blocks and the remainder from 10 million dollars of operating profits. But the sales were not a part of permanent sale down and the chief executive of the Landcorp, Chris Kelly said the properties would be acquired further if right opportunities come in the future.

Landcorp was a failed bidder for the Crafar dairy farms, which still needs an approval from the Overseas Investment Office to be sold to a Chinese owned company. The directors said the result of this fiscal year was a reflection of the company's long term strategy of spending controls. But the shareholder return for this year was a loss of 112.5 million dollars caused by a fall in the farm values and in milk products.