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 AWB's $65m half-year loss 

AWB's $65m half-year loss

19 May, 2010 10:21 AM
AWB has posted a $64.8 million net loss for the half year to March 31, with two significant items taking the gloss off what the company describes as a "solid performance".

AWB reported a before tax and significant items profit of $32.8m for its continuing businesses for the half-year, with the performance of the Rural Services sector offset by a reduced Australian Commodities Management result.

The two significant items which hammered the overall result were the settlement of the Watson shareholder class action for $39.5m (pre tax), and the loss on sale and restructuring associated with the sale of the Landmark Financial Services load and deposit books of $65.4m (pre tax).

However, chief executive Gordon Davis was confident of a stronger second half in Rural Services following good autumn rains, increased business activity and operational improvements.

"In addition, ACM's Grain Marketing business is expected to be stronger in the second half with Australian wheat increasingly more competitive globally," Mr Davis said.

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Date: Newest first | Oldest first
The corporate club have not done such a good job since the Wheat Farmer directors were removed!
Posted by No Till., 19/05/2010 12:32:06 PM
Till, Well said but then again Kerry cried poor too to avoid tax. You might enjoy this - Turn your speakers on if you have some. http://www.livexports.com/cowgun.html Either way, if you're growing wheat, meat or anything else, trust me when I say farmers need to group together to form co-ops then contact buyers direct. You don't need AWB MLA AUSTRADE ELDERS LANDMARK especially. The more the Government stay out of farmers' business the better off farmers will be. I was proud to see the farmers on the news last night making promises to toss these gas drillers off their farms. Good on them! These idiots in Government haven't a clue about the land or feeding people long-term. I think many city folk would be up supporting them if they were asked. Trouble is farmers don't like to ask for help but they are what feeds us. Farmers really need to understand 90% of the public are right behind them.
Posted by PM In waiting, 20/05/2010 5:08:54 AM
Agree with Will and PM. To AWB how the mighty has fallen, what's next Gordon Davis pay the Directors bonuses for their preformance what a joke AWB is turning out to be. You better resign Gordon, but hand back all your bonuses before you leave because you have not performed yourself.
Posted by Pedro, 20/05/2010 8:38:05 AM
I recon you blokes who have commented already, don't fully appreciate AWB is commercial player. There was alot of politics involved in that process and in the end the Rudd government de-regulated the wheat industry. Gordon keep up the good work and stay focused on building value and becoming more efficent. If AWB's assets are better placed with another player then so be it a takeover or merger is the right commercial thing to do. PS I was never in favour of de-regulation but it is a fact of life now.
Posted by mark, 21/05/2010 9:37:28 AM

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MULTIMEDIA
18 May, 2010
POLL
Q: What should the government's priority be when considering the future zoning of agriculture lands?

Protection of existing peri-urban farmlands
(29.1%)

Encouragement of new agricultural enterprises in rural areas
(31.6%)

Striking a better balance between urban development and farming
(39.3%)

Total Votes: 351
Poll Date: 17 May, 2010

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