Livestock Improvement Corporation (LIC) has announced a 46 percent drop in net profit for the six months ending November, to $15.9 million.
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LIC's total revenue for the period was $145m, down 9 percent on the same period last year. No dividend had been declared.
It had previously signalled the reduced earnings in October last year because of the lower forecast milk payout and reduced spending on-farm.
Chairman Murray King said it was expected the year-end result would be closer to break-even.
Farmers had revised their budgets, but most were still willing to invest where it would deliver a return for their business, and LIC's herd improvement services were key to that, Mr King said.
