Ruralco full-year profit halves

Ruralco Holdings (RHL) says its is well placed to return to the profitability of previous years as seasonal conditions normalise, following a halving of its full-year profit in fiscal 2013.

In the year to September 30, Ruralco posted a net profit of $5.74 million, a 59 per cent decrease on the $13.85 million in the previous corresponding period.

The result reflects a slightly better performance than had been flagged by agribusiness last month when it forecast its annual profit would fall in between a breakeven result and a $1 million loss on the back of lower livestock prices and lower sales of agricultural chemicals due to drought.

In the same period, revenue was $1.159 billion, a 2% increase on the $1.136 billion in the prior year.

The group will pay a fully-franked final dividend of 10 cents.