Australian Agricultural Company Ltd
(ASX:AAC) has reported a net loss of $12.2 million for the six months to June 30, lifting from an even greater loss for the same time in 2009. The beef producer says operations have improved as a result of new initiatives such as the company’s cattle trading strategy, environmental risk management platform and breeder alliance program.
For the first half of this year the Australian Agricultural Company recorded a 43% increase in revenue to $105 million with total operating costs reduced by 6.6%, or $2.8 million lower than 2009.
CEO David Farley says the company expects a turnaround to progress with a platform for growth being established through the key businesses initiatives.
Australian Agricultural Company reported a loss of $53.74 million for the year to 30 December 2009.
