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Namoi Cotton anticipates 55% rise in Profit
12 Jul '05
2 min read
Leading cotton group, Namoi Cotton Co-operative Ltd, revised its 2006 forecast profit after tax to $13.5 million. This represents a 55% increase over the $8.7 million result for 2005 year.
This result is based on Australian Accounting Standards comparable with those applied in the preparation of the Financial Statements for the year ending 28 February 2005.
The stellar performance has been recorded despite unfavorable seasonal conditions and subdued global demand for cotton. This was further exacerbated by deterioration in trading relationships between China and USA.
The resultant decline in New York Futures has lead to the deferral in pricing by many growers, which has impacted upon trading margins throughout the industry.
CEO Robert Bell said the result was evidence of the robustness of Namoi Cotton's business model, “this is the third consecutive year that we have demonstrated sustained profitability in sub-optimal conditions. Our risk management and marketing strategies have also underpinned our success in volatile and unpredictable international markets.”
Following confirmation of the result, Namoi Cotton's board has announced they will pay an interim distribution of 3.0 cents (2005: 2.5 cents) per unit of Namoi Capital Stock in January 2006.
Chairman Stuart Boydell advised that this achievement vindicated the increased confidence that grower suppliers have demonstrated in Namoi Cotton in difficult seasons.
Improved marketing and ginning market shares will see Namoi handle in excess of 700,000 bales for the 2005 season.
For further information, please contact:
Bob Bell
Chief Executive Officer
Namoi Cotton Co-operative Ltd
Ph: 07 4631 6101
Mob: 0429 172 078
This result is based on Australian Accounting Standards comparable with those applied in the preparation of the Financial Statements for the year ending 28 February 2005.
The stellar performance has been recorded despite unfavorable seasonal conditions and subdued global demand for cotton. This was further exacerbated by deterioration in trading relationships between China and USA.
The resultant decline in New York Futures has lead to the deferral in pricing by many growers, which has impacted upon trading margins throughout the industry.
CEO Robert Bell said the result was evidence of the robustness of Namoi Cotton's business model, “this is the third consecutive year that we have demonstrated sustained profitability in sub-optimal conditions. Our risk management and marketing strategies have also underpinned our success in volatile and unpredictable international markets.”
Following confirmation of the result, Namoi Cotton's board has announced they will pay an interim distribution of 3.0 cents (2005: 2.5 cents) per unit of Namoi Capital Stock in January 2006.
Chairman Stuart Boydell advised that this achievement vindicated the increased confidence that grower suppliers have demonstrated in Namoi Cotton in difficult seasons.
Improved marketing and ginning market shares will see Namoi handle in excess of 700,000 bales for the 2005 season.
For further information, please contact:
Bob Bell
Chief Executive Officer
Namoi Cotton Co-operative Ltd
Ph: 07 4631 6101
Mob: 0429 172 078
Namoi Cotton Co-operative Ltd
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