Sydney - Tuesday - October 21: (RWE Australian Business News) -...

Sydney - Tuesday - October 21: (RWE Australian Business News) -
Namoi Cotton Co-operative Ltd (ASX:NAM) lifted net profit 44pc to $18.6m
in the six months ended August 31 from $12.93m for the first half of
last year.
Revenues rose 33pc to $188.3m from $141.91m.
Basic earnings per security were 17.8c, up from 12.0c.
Interim distribution is 3c, payable on December 17 to
unitholders registered November 12.
"This is a strong result, achieved despite the smallest
Australian crop in 25 years and during a period of unprecedented
volatility in global commodity and financial markets," directors said.
Australian production for the 2008 crop of 600,000 bales, down
from 1.3m bales in 2007, represents only 20pc of sustainable capacity.
"Increased market share in our ginning and marketing businesses
has driven the financial results.
"Improved operating efficiencies, strict management of costs and
profit margins have further contributed to the results," they said.
Namoi Cotton has upgraded its forecast profit before rebate and
tax for the year ending February 28 2009 to $12.0m. The upgrade has been
attributed to a recent surge in export marketing activities.

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CEO Mr Bob Bell attributed the first-half performance "to the
strategic focus of Namoi Cotton and sound marketing and risk management
strategies. These initiatives have resulted in significant gains in
market share as growers have recognised the differentiation of Namoi
Cotton from its competitors in the marketplace."
"The recent departure of a number of international cotton
merchants from Australia has added to the angst of growers in difficult
times. Our established track record and financial stability will provide
growers with peace of mind in contractual dealings," Mr Bell commented.
"We are committed to a strong regional presence and to the
exclusive marketing of only Australian cotton and agricultural
commodities," he added.