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Harvey Norman profits go sour after dairy farm investment

Article image for Harvey Norman profits go sour after dairy farm investment

“I should not have bought that dairy!”

While underlying half-yearly profits for Harvey Norman are up by 0.8%, that’s $296 million, net profits are down 19.3% to $207 million.

This comes after the company wrote down a 49.9% stake in Coomboona dairy farm.

Ross Greenwood speaks with Executive Chairman of Harvey Norman, Gerry Harvey.

“I should not have bought that dairy! That was a bad mistake,” he says.

“It came up as this wonderful deal, and we voted around the board table. 100% yes! We’ll do it.”

Though Gerry assures Ross all is not lost.

“The important thing is, it doesn’t really matter.

“We’ve got a company worth $4 or $5 billion, then you’re riding off $20 million. In the big picture, it’s absolutely of no concerns.”

Listen to the full interview below 

Brooke Corte
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