Elders says it is on track to lift its profit this year despite dry weather and falling cattle prices
ELDERS says it is on track to deliver a slight increase in full-year earnings this year despite dry weather conditions and declining cattle prices.
ELDERS says it is on track to deliver a slight increase in full-year earnings this year despite dry weather conditions and declining cattle prices.
In a seasonal update issued to the ASX this morning, the Adelaide agribusiness said it expected underlying net profit after tax to reach between $59 million and $63 million in the 12 months to September, up from $58.4 million in the previous year.
While dry conditions across many parts of Australia have had an impact on chemical sales, the company said sheep and wool prices and volumes had remained strong.
“The forecast results reflect the company’s commitment to the strategic Eight Point Plan and the resolve to achieve continuous high quality growth, despite the difficult trading conditions,” Elders chief executive Mark Allison said.
“We believe Elders remains well placed to achieve our target of 5 to 10 per cent EBIT growth through the agricultural cycle to 2020.”
Elders shares were down 48 cents, or 5.8 per cent, in early morning trade at $7.86.