Rural services company Elders Ltd
(ASX:ELD) says it plans to reinvigorate and reinvest in its rural services business and dispose of more assets to repay debt.
The company says it intends to return to the Elders name that has been around for 170 years, with Elders saying it expects to see a turnaround in earnings in 2010 thanks to its renewed focus and restructure of the business.
The company reported an underlying loss of $26.9 million after tax for the 12 months to June 30, within guidance.
However the company recorded $388.5 million in non-recurring items after tax widening Elders reported loss to a massive $415.4 million.
Elders has forecast underlying net profit after tax from continuing operations to be $55.7 million in 2010, the recovery in its earning driven by rural services.
Elders raised $400 million last week from institutional investors and currently has a $150 million share purchase plan under way.
Elders, formally Futuris Corp, saw its profit more than halve in 2008 from the year before.
