February 10, 2009
AWB expects 1H profit after items down 45 to 55 percent on-year at A$22.3 million
Australia's AWB Ltd. reported that operating conditions deteriorated substantially in the four months ended January 31 and the agribusiness now expects profit in its fiscal first half ending March 31 to be down 45 percent to 55 percent from an actual A$22.3 million in the year-earlier period.
Managing Director Gordon Davis said that on an underlying earnings basis, which strips out one-time items, the fiscal first half result will fall 55 to 65 percent on year from A$64.6 million previously.
"The full year result will largely depend on improved seasonal conditions in the second half of the financial year," Davis said in a market update.
The company expects to operate collective sale pools this year with volumes in a range 2.5 million to 3.0 million tonnes from a harvest that ended in January, he added.
