net profit up 137pc to $64.3m final is 5c

Sydney - Wednesday - Nov 19: (RWE Australian Business News) -
AWB Ltd (ASX:AWB) lifted net profit 136.8pc to $64.29m in the 12 months
ended September 30 from $27.14m for the previous year.
Net profit before significant items rose 64.7pc to $95.52m from
$58.01m.
Revenues rose 46.5pc to $6.84bn
Basic earnings per share were 18.5c, up from 7.8c.
Final dividend has been increased from 4c to 5c, fully franked,
payable on January 5 for shareholders registered November 28.
This brings total dividend for the year to 9c, up from 8c.
The dividend reinvestment plan will continue to be offered with
a 2.5pc discount and be fully underwritten.
The board also clarified AWB's dividend policy is to pay out
40pc to 65pc of net profit after significant items.
Significant items after tax announced at the first-half results
included a provision for a possible liability arising from litigation
brought by the Standard Chartered Bank ($26.4m), costs associated with
legacy issues ($4.6m) and a one-off benefit from the sale of Chicago
Mercantile Exchange shares and a Kansas City Board of Trade membership
totalling $4.6m.
A further $4.8m of costs associated with legacy issues were
taken during the second half.

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"This is a strong result particularly in light of commodity
price volatility, variable weather conditions and regulatory change,"
chairman Mr Peter Polson said.
"The full-year result was pleasing in a challenging environment
and structural reform of the company over the past 12 months ensures the
company is well-positioned for future growth.
"We have reformed the structure of the AWB group with a new
commercial governance structure, new board and improved risk framework.
"We have also been successfully managing legacy issues with
three US class actions being dismissed, although one of those dismissals
is under appeal," he said.
Managing director Mr Gordon Davis said all three core divisions
of the group increased profits with Landmark Rural Services achieving a
record result with a clearer strategy and the business focused on
investing in growth.
"The Australian Commodities division performed strongly and
there was a mixed result in the International Commodities business," he
said.
Mr Davis said, "we are pleased with our performance under the
new wheat marketing arrangements as our wheat pools have been
well-supported by Australian farmers and we have made significant
inroads into executing our marketing strategy to get the best possible
returns for pool participants.
"Our overall strategy remains to increase shareholder returns by
continuing to rebuild and grow the business domestically and
internationally."
A new corporate strategy is being developed following wheat
marketing deregulation and AWB governance reform.