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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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.