Australian Agricultural Co. (ASX:AAC) is the oldest continuously operating company in Australia, supplying domestic and export beef consumers.
AAC is the largest beef cattle company in Australia, and is managed from Brisbane, with regional management located on each station. The business also has one of Australia’s leading composite breeding programs.
AAC has been one of the shares to sell since April, tumbling from a high of $1.70 to current prices around $1.40.
On 25 July, AAC reported a 1H11 net loss of $12.6 million. This compares to a net loss of $12.2 million a year earlier.
However, revenue jumped 53% on-year to $58.2 million, driven by an increase in cattle sales and favourable seasonal conditions.
AAC reaffirmed FY11 EBITDA guidance of $50 – $60 million, taking into account the Meteor Downs station sale, favourable market conditions and the government’s repeal of the live cattle ban.
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