Agribusinesses satisfied with end of financial year results
Despite uncertainty surrounding agribusiness managed investment schemes (MISs), a number of companies are reportedly satisfied with their end of financial year figures.
Elders subsidiary ITC has recorded MIS sales totalling around $24 million for the year ended June 30, 2009, an amount that will fund the establishment of around 3,700 hectares of plantation.
“Given the impact of the collapse of Great Southern Limited and Timbercorp and uncertainty in the financial markets on MIS investor confidence”, sales results were pleasing for ITC chief executive Vince Erasmus.
A Gunns statement said that despite challenging markets its subsidiary Gunns Plantations had achieved sales of approximately $45.5 million across its range of plantation forestry and walnut investment projects for the same period.
Meanwhile, Forest Enterprises Australia (FEA) reported a net loss of $4.09million for the six-month period ending December 2008.
However, the majority of FEA revenues and earnings occur in the second half of the financial year, with most of the company’s MIS revenue taken into account during this period, according to FEA chief executive Andrew White.
“Recently, we have seen a number of companies exit or restructure within the agribusiness MIS area. As a result, this provides us with the opportunity for our quality forestry investment product to further improve our market share,” White said.
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