AAco bullish on growth
The Age
Friday February 11, 2011
BEEF producer Australian Agricultural Company (AAco) says it is well positioned to grow profits in 2011 after a big turnaround in 2010.AAco yesterday reported full-year net profit of $904,000 for 2010, as it increased the size and quality of its herd, exported more cattle and cut costs.It booked an annual loss of $53.7 million in 2009 and an annual loss of $38.7 million in 2008.Chief executive David Farley said AAco had engineered a significant turnaround in the first year of a three-year strategy and was positive about the future.Revenue for the 12 months to December 31 rose to $262.6 million, compared to $156.3 million in 2009. AAco did not declare a dividend, and its shares were steady at $1.67.
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