Nufarm says strong performance in 2002 to continue into 2003

By NZPA

Thursday 10th October 2002

Fertiliser and agricultural chemicals company Nufarm Ltd today said the company's strong performance in 2002 will continue into 2003 and beyond.

The comments come after Nufarm reported a 108 percent increase in full year net profit for the year ending July 31, 2002 of $A56.83 million ($NZ65.67) million.

The result compared to a $4.53 million loss for the previous year.

Nufarm said it achieved its record profit in a period of challenging trading conditions and the company is well placed to take advantage of any improvement in those conditions.

It also said that while there is some uncertainty about the ongoing impact of drought conditions in Australia, the increasingly global nature of the business will lesson the impact of unfavourable seasonal conditions in any specific markets as it did in 2002.

"The crop protection operations will benefit from a full year's contribution from the Roundup business and the additional sales and synergies associated with the Crop Care acquisition," Nufarm said.

"After accounting for restructuring costs associated with Crop Care, the acquisition is forecast to be earnings per share positive in the 2003 financial year."

Nufarm said it anticipates a marginal improvement in demand for fine and performance chemicals over 2003.

"The sale of the Fernz chemicals distribution business will however lead to a reduction in overall revenues and profit from the industrial cheimcals operations," it said.

Comments from our readers

No comments yet