Agria's Subsidiary PGG Wrightson Reports 55% Increase in Operating Earnings
BEIJING--(Marketwire - February 21, 2012) - Agria Corporation (
Mr. Xie Tao, Agria Corporation's Chief Executive Officer, said, "The impressive improvement in profitability underscores the strength of the company's business, management's execution, and our continued optimistic business outlook. It should also be noted that the second half of the fiscal year is typically stronger, normally accounting for almost two-thirds of the AgriTech operation's full year earnings."
George Gould, PGG Wrightson's Managing Director, said that PGG Wrightson's improved operating results were led by increased profitability in its livestock, retail and real estate operations. The Company's AgriTech operations, which include seeds, grain and nutrition, remained relatively stable with last year.
"Overall, PGG Wrightson's operating profitability has improved as the Company successfully executes its business strategy of offering high quality service and products to its farmer clients throughout New Zealand, Australia and South America."
Mr. Gould further noted that PGG Wrightson's improved financial position reflects the sale of its finance company and that it would now benefit from lower debt servicing costs.
Net profit after tax (NPAT) was NZ$3.1 million, compared with a loss of NZ$5.9 million for the equivalent period last year.
A copy of PGG Wrightson's results for the six months to 31 December 2011 can be found at www.pggwrightson.co.nz
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