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Lower costs help AACo lift FY profit

Australian Agricultural Company expects to further improve its performance in fiscal 2018 after a big cut in production costs helped it lift full-year profit 5.6 per cent.
AACo on Wednesday booked a net profit for the year to March 31 of $71.6 million, up from $67.8 million in the prior year.
Revenue from meat and live cattle sales fell 8.7 per cent to $446.7 million as the company focused on the higher-value segments of its business, but Australia's leading beef producer said production costs had fallen by 27 per cent.
"The improved financial results in FY17 are a result of our focus on investing in our brands, opening new market opportunities like we have done in Singapore, driving margin through our integrated supply chains and enhancing efficiency and product quality through innovation," managing director Jason Strong said in a statement.
"We see great opportunity to continue to leverage our unique position as a luxury branded beef business, and expect further improvements in company performance through FY18."
Shares in AACo were 4.5 cents, or 2.61 per cent, higher at $1.77 at 1006 AEST.
AACO LIFTS ANNUAL PROFIT
* Annual profit up 5.6 pct to $71.6m, from $67.8m
* Sales revenue down 8.7pct to $446.7m, from $489.4m
* No dividend