Profit at what remained after Australian Wool Innovation bought the Woolmark business two years ago has eased from 2007-08.

GIC has two main assets, its cash and investments and Andar, the New Zealand Wool processing and manufacturing service company.

GIC group general manager Elaine Beever said profitability was bolstered by Andar selling off its New Zealand wool scour to Raymonds in India and “substantial contribution” from Andar’s retail operation in New Zealand’s South island, Front store.

GIC, which is owned by 36,579 wool growers who paid wool levies in the three years before Australian Wool Services was privatised in 2001, is responsible for paying off the $13 million Woolmark Pension fund.

Ms Beever said it had successfully fulfilled its financial obligations and the final $2 million for the superannuation fun would be paid off in March next year.

Ms Beer said this week that improved profitability at GIC could pave the way for increased investment by the company in the future.

“Next year we hope that we will have a more definitive strategy to move forward but at the end of the day it will be the shareholders who vote what the future will be,” Mrs Beever said after last week’s annual general meeting

“Right now liquidation is not what the board has in mind.”

GIC Chairman Barry Walker said in a statement shareholders would not be receiving a divide end this year because of the difficult “current environment.”

GIC has previously never returned a dividend to its shareholders.