The country’s largest fertiliser manufacturer, Ballance Agri-Nutrients, has announced a $21m profit for the financial year.

The result is a vast improvement on the $6m loss from 2009, and includes in it a $130m reduction in the company’s debt.

Chief Executive Larry Bilodeau says the numbers bode well for Ballance’s performance next year, and its shareholders.

“It has been a difficult year for us, we’ve been working hard at managing our costs.

"We will be paying farmers a rebate of $17.14c a tonne.”