Home / Knowledge / News / Textiles / Namoi Cotton forecasts sound 2007/08 financial results
Namoi Cotton forecasts sound 2007/08 financial results
22
Apr '08
Namoi Cotton is forecasting a net profit before tax and rebate of $4.8 million for the full year ended 29 February 2008 (subject to audit).

This result has been achieved despite a significant reduction from the previous year in the Australian crop size. Total Australian production has been recorded at 1.2 million bales for the 2007 crop (2006 Crop: 2.6 million bales) representing the lowest cotton production levels in the last 20 years.

Namoi Cotton's financial performance has been achieved despite continuing adversity in its operating environment and is due to sustained growth in market share, effective risk management in challenging global markets, strong contribution from seed trading activities and stringent management of overhead.

The CEO of Namoi Cotton Bob Bell said that “the strategic initiatives implemented by the Board over the past four years have underpinned this forecast financial result. The flexibility and diversity of Namoi Cotton's fundamental business platform have reduced the exposure of the business to the vagaries of irrigated agriculture as is evidenced in this result.”

The directors have announced that Namoi Cotton will pay a final distribution of 1.0 cent per unit of Namoi Capital stock. The record date for the distribution is 20 June 2008 and it will be paid on 22 July 2008.

Namoi Cotton is unable at this time to provide guidance on its financial performance for the 2008/09 financial year as under current AIFRS accounting standards the company's earnings include unrealised gains and losses from changes in fair value of its current and forward marketing books. The year ending 28 February 2009 financial result remains contingent on commodity prices, exchange rates and basis positions.

Namoi Cotton Co-operative Ltd

Must ReadView All

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search