The Australian Agricultural Company Ltd (ASX: AAC) share price rose 2.2% after reporting its FY19 result.
Established in the early 1800’s, AACo is Australia’s largest cattle and beef producer, with its farms and properties covering around 1% of Australia’s landmass.
What AAC Reported
The cattle company reported that revenue was down 4.1% to $364.1 million. The company said that operating cash inflow was $13 million, which was a $52.9 million improvement.
However, the beef business said that its net statutory loss worsened by 45% to a loss of $148.4 million.
The company said that it achieved an underlying operating profit of $23.7 million, excluding the Gulf flood, which was a $37.2 million improvement. The company suffered $46.6 million of losses and expenses because of the FY19 floods.
Managing Director and CEO Hugh Killen said: “While we have room for improvement in our results, when you exclude the Gulf flood event, our underlying operating results are positive year on year, despite absorbing an additional $60 million in drought related costs…Significantly, despite the tough weather, our Wagyu herd – the engine of our business – grew by 3%.”
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