Australian Agricultural Company Ltd
(ASX:AAC) says favourable seasonal conditions has prompted the company to boosted its cattle numbers.
Chairman Nick Burton Taylor told shareholders at the company’s annual general meeting, that the company is enjoying improved seasonal conditions to those faced in the past two years.
The company says the world supply of beef remains limited by historically low herd numbers and cattle prices have recovered from their December lows.
Mr Burton Taylor says these conditions have encouraged the company to further increase its cattle numbers, with an additional 45,000 head purchased in the first quarter.
CEO David Farley says there is a growing long term demand for beef globally.
Mr Farley says beef consumption is expected to grow by more than 10 million tonnes in the coming decade, driven primarily by the rapidly developing emerging economies, population growth, and the increased middle class purchasing power in those economies.
In 2009 Australian Agricultural Company posted a loss of $53.74 million.
