AACo in $44m cattle writedown - leatherbiz: Leading news site for the Leatherbiz

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AACo in $44m cattle writedown

03/05/2013
Australia’s largest beef cattle producer has written down the value of its herd by A$43 million ($44 million) due to dry weather and excess cattle in the market.

Australian Agricultural Company (AACo) said prices had been significantly depressed due to the 2011 suspension of live cattle exports to Indonesia which meant cattle that would have previously been exported remain in the domestic market.

The company now expects to report a loss of between A$58 million and A$72 million for the March quarter, a A$60 million to A$74 million reduction on the same period last year.

Last month, AACo announced it was selling two of its Queensland properties, Brighton Downs and Adelong, to refocus its capital in northern Australia.

Related stories:

AACo net profit jumps $58 million 25/05/2016
Beef sales help AACo turn fortunes around 15/05/2015
Loss-making AACo relies on premium beef to offset difficult conditions 25/06/2014

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