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GTN - Consolidation boosts NPAT but pig prices remain a drag - Earnings Flash

GTN published 9M 2017 results, including net revenue +119% and NPAT +164% vs 9M 2016, mostly bolstered by the consolidation of Vilico (UpCOM: VLC) starting in January 2017. On VLC, the pig farming segment continued to be dragged down by depressed pig prices, partially offset by solid dairy volume growth. Meanwhile, Vinatea (95% ownership) showed encouraging GPM improvement in Q3 2017 without further old inventory clearance, but contribution to GTN’s net profits remains non-material.