Nufarm (ASX:NUF) reports $456 million loss

Company News

by Rachael Jones

Nufarm (ASX:NUF) today reported a statutory net loss after tax for financial year 2020 of $456 million and underlying earnings before interest, tax, depreciation and amortisation from continuing operations of $236 million.

On 1 April 2020, Nufarm (ASX:NUF) completed the sale of its crop protection and seed treatment operations in Brazil, Argentina, Colombia and Chile to Sumitomo Chemical Company for $1.188 billion.

Revenues increased 7 per cent to $2.85 billion, however the increase is 3 per cent when zero margin sales made to Sumitomo under the transitional services agreement for procurement services to the South American businesses are excluded.

Underlying gross profit declined 4 per cent to $735 million with a decline in Europe and North America more than offsetting improvements in ANZ, Asia and Seed Technologies.

Shares in Nufarm (ASX:NUF) are trading 1.2 per cent higher at $4.21.