AACo sells cattle station

Company News

Australian Agricultural Company Limited (ASX:AAC) has sold Brighton Downs Station for $11.75 million to local pastoralists, after passing it in at auction last week. 
 
The announcement came after the company posted a $46.5 million loss for the three months to March, an enormous drop on the $5.1 million loss recorded in the previous corresponding period.  
 
The sale of the 420,000 hectare property in southwest Queensland, follows the sale of three grazing properties in Central Queensland to Comet Downs Cattle Company for $23 million this week. 
 
AACo is selling the properties to fund construction of a new abattoir in Darwin, and to focus its operations in northern Australia.
 
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, but its latest quarterly results do not reflect the 12 month period.