Sell Shares Elders (ELD)
24th May 2011
Elders (ELD) is one of Australia’s most historic companies, having been an advisor, supplier and agent for Australian primary producers for 170 years.
ELD incorporates the Elders rural services and financial services businesses and the forestry and automotive operations acquired and developed by Futuris Corporation.
The group was one of the shares to sell following the GFC, plummeted from a high near $30 to current levels around 50 cents.
On 23 May, ELD reported a 1H11 net loss of $14.6 million. This compares to a $165.9 million loss a year earlier.
The result was affected mostly by debt restructuring costs, with the group actually reporting an underlying profit of $1 million.
Underlying EBIT rose 94% on-year, with the Rural Services division contributing most to the result due to an improvement in network performance.
However, Elders downgraded its full year profit forecast to $7.5 million – $24.5 million amid uncertainty about the outlook for its Automotive and Forestry divisions.
ELD tumbled over 9% on the day, making it one of the worst performers in the Australian share market.
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