Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Nufarm says 1H earnings to rise at least 15%

Nufarm says 1H earnings to rise at least 15% on South America, currency gains

Dec. 6 (BusinessDesk) - Nufarm, the agricultural chemicals manufacturer, said first half earnings will rise at least 15 percent on improved trading in South America and Europe, and foreign exchange gains.

A strong performance in South America and an improved outcome in Europe “will more than offset what is likely to be a weaker first half result in Australia,” managing director Doug Rathbone told shareholders at their annual meeting in Melbourne.,

“We remain very confident of generating an improved underlying ebit outcome for the current full year,” he said.

Nufarm shares last traded at A$5.67 on the ASX and have jumped about 40 percent this year.

In September, the company reported a return to annual profit, A$72.6 million in the 12 months ended July 31, after losses in 2011 and 2010.

Nufarm typically earns more in the second half of its year, reflecting the major cropping seasons in the Northern Hemisphere and Australia.

So far in the first half demand for crop protection products in Australia has been “relatively low”, following a dry late-winter and spring and as wheat farmers harvest their winter crop.

For summer cropping, mainly in Queensland and northern New South Wales, “further rainfall is needed to generate stronger demand for industry products.”

“Consequently, Australia is tracking behind the 2012 performance in the first quarter of the current financial year,” Rathbone said.

Sales in Asia are tracking slightly ahead of the same period last year, with a more favourable monsoon season in Indonesia generating stronger demand in plantation crops, he said.

The winter months in the US are relatively quiet, though Rathbone noted that farmers “have a strong economic incentive to plant big crops next season.” Market conditions in Canada “are generally good and we are seeing increased demand for a range of products.”

Nufarm’s Brazilian business is performing “very strongly” and Europe is tracking in line with expectations, Rathbone said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news