Agribusiness

Elders announces first-half $14.6m loss

Beef Central, 25/05/2011

Elders has announced a $14.6m loss for the first half of the 2011 Financial Year ended in March, an improved result on the $165.9m loss it recorded in the corresponding period of FY2010.

Damage caused by Cyclone Yasi to Elders’ forestry plantations and subdued demand for woodfibre products from Japan in the wake of the tsunami were key reasons provided for the loss.

A highlight however was the improved performance of Elders’ traditional Rural Services operations which lifted its underlying earnings before interest and tax by $12.5 million, not withstanding a $6m loss from its Elders Toepfer Grain joint venture.

Elders said the result was boosted by much better sales performance in farm supplies, particularly agricultural chemicals.

Elders shares fell 9pc in trading on Monday to 45c following the announcement of its revised profit forecasts.  

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