Farming technology enterprise, Livestock Improvement Corporation (LIC) has recorded a 3 per cent fall in profits during the one year till May, 2013.

The net profit of LIC was recorded at $23.7 million, which is $700,000 lower than the previous year. The fall in the net profit was mainly due to lower annual valuation of LIC's biological elite bull team. The enterprise has announced a record dividend of $16.75 million for the
2012-2013 year for its farmer-shareholders. The dairy farmer co-operative had paid a dividend of $11.9 million to its shareholders in 2011.

Murray King, the Chairman of LIC said that the dividend increase following strong sales in most business areas that led to a rise of 42 per cent in earnings before interest, taxation and fair value adjustments on elite biological assets to $27.29 million compared to $19.25 million in 2011-2012. LIC’s underlying net earnings rose to $20.93 million during the financial year compared to $14.99 million in the previous financial year.

The co-operative’s cash flows generated was recorded at $25.8 million, compared to $27.7 million in 2011/2012. Its purchase of tangible and intangible assets rose from $18.35million to $23.97 million as it improved investments in innovative products for farmers and technology upgrades.