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Wrightson to close Aus. real estate livestock units

Wrightson to close Australian real estate, livestock units

Jan. 19 - PGG Wrightson Ltd., New Zealand’s biggest rural services company, will close its Australian real estate and livestock businesses, citing tough market conditions and a subdued outlook. The shares dropped about 7%.

The company will close four offices that employ 39 people in the states of New South Wales and Victoria, according to a statement from Wrightson.

Last month, Wrightson cut its profit forecast for the year ending June 30, citing a loss at its real estate business, the economic downturn and a writedown of its stake in NZ Farming Systems Uruguay. Annual profit may fall to NZ$39 million to NZ$45 million, from a range of NZ$46 million to NZ$51 million, it said.

Today it said existing commitments to clients in Australia “will be honoured and arrangements made, as required, to transition clients to other service providers.” The closure doesn’t affect the company’s PGG Wrightson Seeds unit in Australia, it said.

The shares fell 10 cents to NZ$1.33 and have declined 35% in the past 12 months.

(Businesswire)

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