Agricultural business Ruralco Holdings Ltd (ASX: RHL) revealed in an ASX update that it expects to report underlying profit consistent with broker forecasts.
Ruralco, a diversified farming supplies and rural services provider, said its 2018 full-year underlying net profit is expected to be between $26 million and $29 million, which is consistent with the mid-point of market forecasts.
“Ruralco’s ongoing delivery against its Future Farming Strategy continues to provide broad stability to the Company’s performance through geographical spread, activity diversification and differentiated channels to market,” Ruralco CEO Travis Dillon said.
In May, Ruralco said dry conditions in Queensland and Northern NSW could adversely impact performance in the second half of its financial year. However, rainfall throughout other parts of Australia and a robust wool and sheep market helped the company confirm its forecasts.
“Our focus in the fourth quarter will be on ensuring we continue to execute our strategy, drive business efficiency and support our customers through this challenging cycle,” Dillion added.
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