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Queensland Cotton's marketing volumes likely to exceed 1mn bales

01
May '07
Queensland Cotton CEO, Richard Haire, said that globally Queensland Cotton's marketing volumes are expected to exceed one million bales in the current year, with a significant increase in volume from Brazil.

Queensland Cotton, Australia's largest globally diversified cotton group announced an operating profit before tax of $9.74 million for the financial year ended 28 February 2007 (2006: $18.97 million). The company's profit after tax was $6.75 million (2006: $13.05 million).

Favorable mark to market on existing commodity contracts and higher than anticipated profit from asset sales improved the company's final result from its previous market guidance issued on 3 February 2007. Based on the estimated size of this season's Australian crop and short term outlook, the Board has not declared a final dividend (2006:16 cents). The total dividend for the year remains at 6 cents (2006: 24 cents).

Queensland Cotton's global marketing operations traded 883,000 bales during the financial year (2006: 1.1 million) and global ginning operations processed 874,000 bales (2006: 986,000). The reduced volumes were primarily due to smaller crops sizes in the geographic regions in which Queensland Cotton operates.

Despite the ongoing drought in Australia, the company's Mt Tyson Seeds and merchandising businesses performed strongly, with warehousing activities in the USA also providing a solid contribution.

Queensland Cotton CEO, Richard Haire, said that globally Queensland Cotton's marketing volumes are expected to exceed one million bales in the current year, with a significant increase in volume from Brazil.


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