3 Dec 2010

Nufarm expects to be back in black

6:02 am on 3 December 2010

Australian farm chemicals maker, Nufarm, expects its first-half operating results to return to the black this year, with first-quarter earnings well ahead of last year.

Chief executive Doug Rathbone told the annual meeting in Melbourne of the company that Nufarm was under pressure following a series of profit warnings, a badly timed equity raising, a cut in its credit rating to junk status, and a debt blowout which cut the value of its share price in half.

But, he said, Nufarm expects to make an operating profit of between $10 - $20 million in the six months to the end of January.