AACo swings to full-year profit

Australian Agricultural Company has swung to a full-year profit of $31.3 million from a net loss a year ago, helped by the recovery in live cattle markets.

Strong wagyu beef sales and cost reductions also helped the integrated cattle and beef producer post a small operating profit of $15.2 million for the 12 months to March 31.

Market values of its cattle increased 12 per cent from a year earlier. The carrying value of its pastoral properties also increased by 9.0 per cent.

It has not declared a dividend, unchanged from a year ago. 

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