Home / Knowledge / News / Textiles / Australia's Namoi Cotton secures financing deal

Australia's Namoi Cotton secures financing deal

04
May '12
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


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Jul 2021

5.2 lakh Zimbabwean homes to gain from Pfumvudza cotton inputs scheme

At least 520,000 households in the marginalised zones of Zimbabwe...

Pic: Lanzatech

Textiles | On 24th Jul 2021

US' LanzaTech, Lululemon to make yarn from recycled carbon emissions

LanzaTech has joined hands with Lululemon athletica, an athletic...

Pic: HOdo Group

Apparel/Garments | On 24th Jul 2021

Chinese apparel firm HOdo exports carbon-offset clothing

Apparel brand HOdo has claimed producing and exporting China’s first...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

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

Leave your Comments


July 2021

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


Advanced Search