August 11, 2010

AAco sees financial improvement in H1

Australia's largest cattle rancher and beef producer AAco has reported a smaller half-year loss than last year.

AAco's net loss for the six months to June was AUD12.2 million (US$11 million), more than half of the loss of AUD30.3 million (US$27.4 million) in 2009.

Chief executive of AAco, David Farley, says revenue rose in the past six months to AUD104.97 million (US$94.86 million), up from AUD73.6 million (US$66.5 million), despite the company having to turn to alternative markets to sell cattle heavier than 350kg that Indonesia will no longer accept.

"We're working very closely with Malaysia at the moment in the development of a similar market there," he says.

"That market will require breeders in the short term and feeders in the longer term. Our shipments into the Philippines have been good," he adds.