Elders Ltd
(ASX:ELD) has reported a $165 million loss for the six months to March 31, significantly improving on its previous first half.
The result marks a welcome turnaround in the rural services provider’s performance when compared to the $328.8 million loss it posted in the previous corresponding period.
And the company has forecast continuing improvement in earnings in the second half of its financial year.
Included in the first half result is $167 million in non-recurring items mostly related to asset reviews and writedowns in its forestry operations.
Excluding those impacts, the company recorded an underlying profit of $1.1 million for the period, compared with a loss of $21.8 million for the same period a year before.
Looking ahead, Elders says it expects a substantial lift in earnings in the second half, given enough rainfall in Western Australia and suitable market conditions.
The board will not be paying shareholders an interim dividend.
Elders posted a loss of $466.43 million in the 12 months to September 30, 2009.
