Australian wheat exporter AWB has reported lower full-year profit, hit by lower grain production due to a severe drought.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
