The Federal Government's month-long ban on live cattle exports to Indonesia in June had a ''significant impact'' on the agribusiness, chief executive Malcolm Jackman said.

''We are seeing new business opportunities in places like Russia, Kazakhstan, Pakistan and Qatar,'' he told shareholders at the company's annual general meeting this morning.

Despite uncertainty in Indonesia, the company's order book for live exports was full for this financial year, he said.

Chairman John Ballard said profits in the first two months of the financial year were in line with expectations, after a $395.3 million loss for the year to September.

He said this loss was largely due to the company's exit from forestry.

''For Elders shareholders, the cash and profit payback from our forest investment is now too far away and too small to justify retention,'' he said.

The company's departure from the ''cash-consuming and loss-making'' forestry sector would reduce its debt and interest.

He said the company expected to post an improved financial result in 2012.

''We are expecting the momentum evident in Elders underlying performance in 2011 to continue and be reflected in a much improved financial result in 2012.''

But market volatility made it impossible to predict when shareholders would see an improvement.

''All you can ever do in terms of the share price is to get the right number from the business which the market then values.''

Elders shares hit a 2011 high of 68 cents in February, but now sit at 25 cents.

Mr Jackman said Elder's 4000 employees were working to bring the company ''back to where it ought to be, back to it's glory days''.

Elders posted an improved underlying profit before interest and taxes of $33.7 million, up from last year's comparative of $2.6 million.