Namoi Cotton, Australia's leading cotton ginning and marketing organization, has secured a 12-month financing package from Rabobank and ANZ.
The deal covers Namoi's Au$ 121 million debt exposure and will also strengthen the company's ginning and marketing business strategies.
After reporting a net loss after tax of Au$ 67.5 million for the year ending February 29, 2012 due to volatile trading conditions last season, Namoi has turned its focus on ginning activity.
Last year, Namoi ginned 1.3 million bales of the total 4.4 million bales of cotton produced in the country. For the current season, the company has set the target to gin 1.4 million bales.
The company is also on the lookout for a joint venture partner, whom it would like to see on board by early next year.
Besides processing of cotton crop, marketing of the same also remains a key element of Namoi business.
The ginning operations for the 2012 season have already begun and 11 of the company's 12 ginneries are functioning at full staffing levels.
In states of Queensland and New South Wales, nearly 40 percent of this year's cotton harvest is completed. In spite of the cloudy and cool weather conditions that prevailed during the summer season this year, the yield so far indicates good fibre quality.
Fibre2fashion News Desk - India
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