Australian wheat exporter AWB has reported lower full-year profit, hit by lower grain production due to a severe drought.
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AWB posted an after-tax profit of A$43.9m (US$31.7m) for the year to 30 September, down 59% year-on-year.
AWB’s managing director, Andrew Lindberg, said the full-year profit result was a good result given Australia had experienced one of its most severe droughts during the reporting period.
“Whilst the major drivers of the business fell significantly (export volumes fell by over 75%) the fall in earnings of only 59% reflects the improvement in the underlying performance of the business,” said Lindberg.
“The drought resulted in significantly lower grain production from the 2002/03 harvest, with wheat production of approximately 9.7 million tonnes, a reduction of 61% from the 2001/02 harvest of 24.9 million tonnes,” he added.
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By GlobalDataThe company gave a positive outlook, upgrading its forecast net profit after tax (pre goodwill amortisation and including all one-off costs) to $110-$120m for the year to 30 September 2004.
