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Australian Namoi in JV with China state cotton firm
04
Nov '11
Australia's Namoi Cotton Co-operative Ltd has entered into a 50-50 joint venture with China National Cotton Group Corp (CNCGC), a China state cotton firm, which will help the Australian firm market its produce across the globe through 2012-2017.

Namoi, Australia's leading cotton processor, has registered loss this year in spite of the country witnessing record cotton production and high prices of fibre.

The current deal is expected to improve the balance sheet of the Australian cotton processor and place it in a better position to compete with other leading companies in the global cotton trade.

The Australian firm registered a net loss of US$ 58.5 million during the six months ended August 31, 2011, which it attributed to unparalleled volatility in cotton prices and increased cost of borrowings.

The Australian firm recorded loss in spite of the country producing a historic four million bales (4.4 bales = 1 ton) of cotton during the current year.

As against last year's 33 percent, the firm this year ginned about 31 percent of the overall production. However, owing to competition from overseas firms operating in Australia, its marketing volumes experienced a major fall and went below 24 percent from last year's 33 percent.

The Namoi-CNCGC joint venture would afford the world's leading cotton buyers with a direct access opportunity to one of the world's leading cotton exporting nations.

Australia is the world's third largest exporter of cotton. The textile industry of China, on the other hand, happens to be the leading importer of cotton across the globe and imports around one-third of the globally traded cotton.

Fibre2fashion News Desk - India

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