Namoi Cotton has forecast a net profit after tax in the range of $4-5 million for the full year to end 28 February, 2009, despite the smallest Australian cotton crop in 25 years, the impact of drought and the volatility in global commodity markets.
Australian cotton production for the 2008 crop of 0.6 million bales (2007 crop 1.2 million bales) represents only 20pc of its sustainable capacity.
Namoi Cotton CEO, Bob Bell, attributes the positive performance, to the ongoing strategic focus of the organisation and to Namoi Cotton’s unique business model.
“Our marketing strategies and strong risk management disciplines have also been fundamental to our success in recent seasons,” Mr Bell said.
“This has resulted in significant gains in market share, as growers and export customers have recognised the differentiation of Namoi Cotton from its competitors in the market place.
“We are committed to a strong regional presence and to the exclusive marketing of only Australian cotton and agricultural commodities.”
Directors will consider the determination of an interim distribution in future months.
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