Australian Agricultural Company Limited (ASX:AAC) has posted a full year loss for the same period the beef cattle producer’s operations were impacted by live export suspensions.
The company booked an $8.4 million net loss in the full 2012 financial year, down 158 per cent from a profit of $10.5 million the year before.
The annual result was hit by a $41 million write-down on its northern Australian properties due to the Federal Government’s suspension of live cattle exports to Indonesia in 2011.
Looking ahead Managing Director David Farley has forecast positive cash flow this year and says the company is now in an excellent position to generate cash by selling into rising global beef prices.
No dividend has been declared and the company has advised it will be changing its financial year end from December 31 to March 31, effective from this year.
