Cattle prices down but Elders on track

Company News

by Rachael Jones

Last Movement
$6.320 $0.199 3.25%
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Last Updated: 19/06/2019 3:25 PM

Agribusiness Elders (ASX:ELD) remains on track to deliver consistent earnings in the September 2018 Financial Year despite current dry weather conditions and declining cattle prices.

Current expectations are underlying earnings before interest and tax (EBIT) to be in the range of $70m to $74m (compared to FY17 underlying EBIT $71.0m).

Underlying net profit after tax (NPAT) for the 12 months to 30 September 2018 is expected to be in the range of $59m to $63m (compared to FY17 NPAT of $58.4m).

Despite cattle prices being down - sheep and wool prices have remained strong and consistent with the prior year.

Shares in Elders (ASX:ELD) down 13.79 per cent to $7.19.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.