1st Apr 2020 14:33
(Correcting the currency of Agriterra's annual results to dollars and updating to include interim results.)
(Alliance News) - Agriterra Ltd late Tuesday posted a narrowed loss in the first half of its current financial year, hot-on-the-heels of reporting its belated financial 2019 results.
For the year to the end of March 2019, the agricultural investor reported revenue of USD10.6 million, up 15% from USD9.2 million reported the year prior. Its pretax loss narrowed to USD3.1 million from USD5.0 million.
Later on Tuesday, it said revenue grew 47% to USD6.1 million in the six months to September 30 last year from USD4.1 million a year prior. Agriterra's interim pretax loss narrowed to USD1.3 million from USD1.5 million.
Commenting on its first half results, Agriterra said: "Sales to relief agencies after Cyclone Idai, underpinned sales in the Grain division in our traditionally quiet first quarter, however inventory overhang in the market as a result of the aid programmes slowed continued sales progress in the second quarter.
"After a significant improvement in the division's trading in the prior year, the Beef division has seen a fall in volumes as the South African rand depreciated."
The company failed to post its annual results by October 2019, meaning its shares were then suspended.
Shares in the company were down 27% at 4.00 pence each in London on Wednesday, the first day of trading since its suspension was lifted.
By Ife Taiwo; [email protected]
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