;
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

No tax on cotton fabric import from India to Vietnam soon

Textiles | On 9th Dec 2018

No tax on cotton fabric import from India to Vietnam soon

Under the free trade agreement between India and the Association of...

Courtesy: Businesswire

Textiles | On 9th Dec 2018

Endy being taken over by Sleep Country

Endy, Canada’s leading online mattress brand, is being taken over by...

Courtesy: Polartec

Textiles | On 9th Dec 2018

Polartec working with online retailer Backcountry

Polartec, the premium provider of innovative and sustainable textile...

Interviews View All

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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


December 2018

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

news category


Related Categories:

Advanced Search