Australian agriculture's accelerating recovery from devastating drought, record cattle prices and a key acquisition have helped propel agribusiness giant Elders to a $123 million net profit, up 80 per cent on last year.
The historic agricultural company sells all kinds of farm merchandise such as fencing equipment, fertilisers and chemicals, runs a real estate division, and provides sales and marketing services for wool, cattle and other farm produce. Elders boss Mark Allison said the company's performance was an example of the business delivering "great returns in good years".
During the year Elders completed the purchase of another farm supplies business known as AIRR. The purchase added $44 million in wholesale gross margin to the company's results. The ASX 200 rose as much as 1.3 per cent to 6487.3 - the highest intraday mark since early March - with only the local tech sector in the red.
Commonwealth Bank rose 1.9 per cent to $74.53, ANZ was 2.7 per cent ahead at $21.14, Westpac rose 1.4 per cent to $18.59, and NAB jumped 2 per cent to $21.62.
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