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Rising Wagyu Beef Sales, Prices Buttress AACo's Results

20 November 2019

AUSTRALIA - Rising sales of Wagyu beef in Europe and Asia, combined with stronger prices have helped Australia's biggest cattle producer deliver a small operating profit despite hefty drought costs.

The Australian Agricultural Company reported a record $102.8 million of Wagyu meat sales for the first half, up 9.5 percent, as prices rose 5.9 percent.

AACo reported a $6 million first-half operating profit, down 76 percent on last year. It reported a net statutory loss of $14 million, but this was significantly better than the $68 million net statutory loss for the first half of last year.

"We absorbed around $36 million in drought-related expenses in the first half, with increased costs of production, including feed and transport. That is about $11 million more than the same period last year," said AACo chief executive Hugh Killen.

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Source: The Sydney Morning Herald

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