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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


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