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AACo’s net loss shrinks to $1.7m after big operating profit rise | Farm Weekly




A keen focus on cost control has stripped about $22 million from the Australian Agricultural Company’s operating costs and reigned in the beef business’ half-year net losses after tax to $1.7m.

The result – a big improvement from the drought-savaged $14.1m first-half loss posted a year ago – follows a jump in operating profit to $23.5m and a doubling in cash flow to $22.3m for the first half of 2020-21.

Despite multiple market challenges posed by the coronavirus pandemic which has shut down or badly disrupted much of AACo’s premium restaurant sales world-wide, the 196-year-old company generated $15m in earnings before interest, tax, depreciation and amortisation, which compared well with a $3.4m EBITDA loss a year ago.

The business was…

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