Said to be Australia’s oldest continuously operating company, beef producer Australian Agricultural Company Ltd (AACo) has reported a 30% slump in its first half profits as a result of the stronger Australian dollar. Net profit for the first half of 2007 fell to A$5.9 million ($5.07 million) from $8.5 million in the comparable prior-year period, although results for the first half of 2006 included a $6 million tax benefit related to the sale of one of the company’s facilities.

Revenue for the six-month period increased to $124.2 million from $85.6 million.

AACo currently operates 24 cattle stations and two feedlots with 565,000 head of beef cattle.