Yesterday it was a trading halt and today it’s the temporary suspension of live animal exports to Indonesia, that has the Australian Agricultural Company Limited (ASX:AAC) in media headlines.
The company says its board welcomes the commitment by Federal Agriculture minister Joe Ludwig to ban exports for the time being, and to work with the industry to ensure live cattle trade is humane and sustainable.
The move comes just over a week after the ABC’s Four Corners program showed footage of cattle being mistreated in Indonesian abattoirs.
The Australian Agricultural Company today issued a statement to the Australian Stock Exchange, in it admitting the temporary suspension is likely to have an adverse financial impact on the company’s 2011 result.
The company expects profit to be in the range of $50-$60 million for the year, also taking into account recent market prices for cattle.
For the second half of 2010, the Australian Agricultural Company Limited (ASX:AAC) reported a profit of $904,000.
