Elders reports $466m 15 month loss
Elders Limited (ELD) reported a net loss, including one-off items, of $466.4 million for the 15 months to the end of September 2009. The result comes as the company moves to a 30 September annual reporting period, in line with other company’s in the agribusiness sector.
Not including one-off items Elders said that the underlying loss for company for the year was $51.8 million, against a forecast loss of $48.3 million.
Managing director, Malcolm Jackman said the company would retain its prospectus earnings guidance for FY10.
“As we expected, trading conditions have continued to be challenging and our results for the fifth quarter are right on track with what we forecast for the period,” Mr Jackman said.
“Trading conditions have continued in this vein and our expectation remains that improved activity and confidence levels will emerge, consolidate and strengthen as the year progresses.”
The year’s results included a loss on non-recurring items of $414.7 million after tax.
The non-recurring items include those announced in the accounts at 30 June and impairments to the company’s shareholding in HiFert of $57 million writedown to align carrying values with current fertiliser market valuations.
Proforma 30 September gearing was 32% compared with 131% at 30 June 2009, while proforma net debt at 30 September was $388 million compared with $976 million at 30 June.
The board said it would not be paying a dividend for the year.
At 1023 AEDT, Elders shares were up 0.5c to 17.5c.
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