Agricultural services company PGG Wrightson is back in the black, after making a full-year profit of $24.5 million.
The company that sells supplies and services to farmers lost nearly $31 million in 2011 due to asset writedowns and restructuring costs.
Managing director George Gould says the turnaround in operating cashflow from $5 million to $59 million has enabled the company to cut bank debt and more than halve interest costs.
Mr Gould says the results reflect improvements across most of the business units, but the seed business suffered due to record rainfall, which dragged down demand.
He says the company is aiming for better earnings for the next financial year as it grows its business units.
Mr Gould says the company has successfully exited most of the loans that were held under PGW Rural Capital.
Apart from the Crafar farms assets residual loans, the remaining loans are valued at $4 million.
Mr Gould says there is every indication that the Crafar matter will be settled in October and it's expected the residual $4 million will be collected before the end of the year.
