Timbercorp profits get the chop
Agribusiness manager Timbercorp has announced a lower net profit for the half year ending March 31 despite a rise in total revenue for the same period.
In a statement released this morning, Timbercorp announced a net profit of $3.5 million, down from $5.6 million at the same time last year.
Total revenue increased by almost 18 per cent to $189.8 million from $161 million, Timbercorp said.
Timbercorp chief executive officer Robert Hance said the lower net profit was affected by a total of $11.4 million in write offs.
These write offs comprise an increase in provision for doubtful debts relating to grower loans, a write-down in the carrying value of glasshouse tomato and garlic investments and the expense of purchasing temporary water, Hance said.
Hance also said the company’s proposed sale and leaseback of assets had been delayed due to market conditions, but it is expected to take place over the next few months.
He added that the company’s total assets had grown $1.6 billion since September last year.
Timbercorp has said that, inline with previous years, no announcement on an interim dividend would be made before July 1.
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