AACo takes profit hit

Company News

Australian Agricultural Company Limited (ASX:AAC) profits have taken a hit over the past three months, blaming the Federal Government’s suspension of live cattle exports and adverse seasonal conditions in Northern Australia.
 
The company expects to report negative earnings before EBITDA of between $58 million and $72 million for the three-month period.
 
That would represent a $60 million to $74 million reduction on the same period a year ago.
 
AACo’s EBITDA is expected to be a loss of between $15 million and $29 million.
 
The company says below average rainfall during the Northern wet season has impacted cattle valuations and prices.
 
AACo posted a net loss of $8.4 million for its 2012 financial year and has advised its financial year end is changing to March 31. 

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