The Australian Agricultural Company will not pay a final dividend for the 2008/09 year, after posting an after tax loss of $37.8 million.
In a statement to the Stock Exchange yesterday, AAco said the "board considers that payment of a dividend would not be a prudent use of capital in the current economic environment".
In defending the decision it cited its net loss, the fact that it has to repay $65m under its debt facilities by 31 January 2010, adverse seasonal and market conditions in 2008, and the cost of restocking its properties post drought.
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