Agresearch has posted a strong result for 2012.
Its annual report shows a net profit after tax budget of $4.2 million.
AgResearch chairman Sam Robinson says the result is pleasing, even after a $5 million write-down of three of its buildings.
He says the institute has taken great strides this year in improving clover breeding, accelerating genetic gain in cattle, and building new weed and pest controls.
“Our work is about delivering value through science and innovation to the pastoral sector, and enabling our partners to continue to deliver increased export earnings for New Zealand which in turn benefits all New Zealanders," Dr Robinson says.