Ridley Corporation Ltd (ASX:RIC) H1 profit, FY upgrade

Company News

Feedstock manufacturer Ridley Corporation Ltd (ASX:RIC) has reported a profit for the first half of fiscal 2010 and upwardly revised its outlook for the full year.

Net profit after tax for the six months to December 31, 2009 came to $14.9 million compared to a loss of $50 million for the same period a year ago.

The company says this is its first financial report in five years with no significant items.

The company operates Ridley Agriproducts and Cheetham Salt.

Looking ahead the company upgraded its earnings guidance for the full year saying it now expects profit of between $28 and $30 million, up from previous guidance of $14 million for each half.

CEO John Murray says the company remains alert for acquisition opportunities within the agricultural products sector.

Ridley Corporation posted a loss of $39.53 million for the 2009 financial year.