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No job cuts at Namoi Cotton, despite loss
10
Oct '11
Namoi Cotton, Australia's leading cotton ginning and marketing organization, has announced that there will be no job losses and it will be “business as usual” at the company. The announcement came after apprehensions of job losses were raised due to the company registering a loss of AUD 50-55 million in the six months ending August 2011.

The company said the financial loss was a temporary phenomenon which it would overcome and added that none of the 35 people employed in the Moree region would lose their jobs. It added that none of the about 500 people working for the company would lose their jobs.

Moreover, the company has declared that the loss would not affect Namoi's level of community involvement and sponsorship.

It clarified that the loss was due to a doubling in the futures market for cotton, but the market has now settled down, and it should now help the company to strengthen its financial position.

Namoi Cotton has strong asset base and is currently ginning record amounts of cotton. Its fixed assets include eleven cotton gins, seven cotton seed warehouses, three state-of-the-art warehouses, and two commodity packing installations. As such, the company is ready to process another record crop next year.

Fibre2fashion News Desk - India

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