AACo net profit jumps $58 million - leatherbiz: Leading news site for Leatherbiz

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AACo net profit jumps $58 million

25/05/2016
The Australian Agricultural Company (AACo) reported net profit of $67.8 million for the 12 months to March 31, the highest level since 2009. This was a significant increase on the $9.6 million for the prior corresponding period and came off the back of a near doubling of sales of beef.

“The position we're able to report is not just a net profit, but a positive operating profit and a positive cash number which is very pleasing for the business," said AACo managing director Jason Strong. He added that the figures show that the company is making “good progress” in its move towards a more vertically-integrated model.

Revenue from beef sales rose 45% to $489 million with total kilogrammes of beef sold up 96% year-on-year. Mr Strong said that the “strategic decision to own cattle right through our supply chain has increased revenue and margin.”

Related stories:

Partnership to boost beef industry in Australia’s north 23/06/2016
Beef sales help AACo turn fortunes around 15/05/2015
Loss-making AACo relies on premium beef to offset difficult conditions 25/06/2014
Drought and Indonesia woes push AACo to a first-half loss 07/11/2013
AACo begins search for new CEO 05/08/2013
AACo in $44m cattle writedown 03/05/2013
AACo claims its herd is biggest in Australia’s history 18/03/2013

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