Elders Limited
(ASX:ELD) has attributed a soft market for weaker sales and earnings in the beginning of the current financial year.
The agribusiness and automotive interiors supplier says conditions in the first two months of fiscal 2013 have seen dry conditions, subdued activity and lower prices in livestock markets as well as production schedule cutbacks in the automotive sector.
Speaking at the company’s annual general meeting in Adelaide yesterday, Chairman John Ballard told shareholders trading results have reflected this climate.
Mr Ballard also said it is still too early in the year's trading cycle to make reliable conclusions about the full year outlook but said the company’s plans for divesting its Rural Services and Futuris Automotive businesses were progressing.
Shares in Elders dropped to $0.115 following the meeting, having lost more than 50 per cent over the last 12 months.
Elders narrowed its full year net loss to $60.6 million in the year to the end of September, 2012.
