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

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news