smh reports namoi cotton profit down

From the sydney morning herald website:

Modest profit for cotton producer Namoi


April 22, 2008 - 4:32PM


Namoi Cotton Co-Operative Ltd has sharp fall in annual profit after the drought forced down cotton production at its operations in NSW and Queensland.

Full year net profit after rebates fell 64 per cent to $4.507 million, against its forecast for a result around $4.8 million for the year ended February 29.

"This result has been achieved despite significant reduction in Australian cotton production," Namoi said.

Australian production in fiscal 2007 was 1.2 million bales, down from for 2.6 million bales in the previous year, making it the smallest crop in 20 years.

Namoi Cotton ginned 397,000 bales of the 2007 crop, representing a market share of 32.3 per cent.

During the year, Namoi's revenue fell 30 per cent to $250.77 million.

It declared a one cent final dividend per security, after not paying a first half dividend.

The company has an extensive network of cotton gins and marketing offices throughout the cotton growing regions of southern Queensland and NSW.