Agribusiness Viterra Inc
(ASX:VTA) says a strong performance from its North American agri-products business and new contributions from Australia have led to a significant increase in both revenue and gross profit for the second quarter and half year.
Viterra says sales and other operating revenues grew by $440.1 million to come in at $2 billion in the second quarter, bringing year to date revenues to $3.8 billion which is an increase of 28.2%.
Net earnings for the second quarter came to $18.4 million, down on the $26.3 million recorded for the same three-month period last year.
For the six months, however, earnings came to $29.1 million compared to a net loss of $6.6 million in the same period a year earlier.
The improved half year result was due to $23.1 million in net earnings from its Australian business.
Earnings before interest, tax depreciation and amortisation rose 9.2% to $93.2 million for the quarter and came in at $183 million for the half year compared to $79 million last year.
CEO Mayo Schmidt says the overall performance in the first half of 2010 has been solid as the company prepares for what it says it shaping up to be a busy second half of the fiscal year.
