10 Aug 2011

Record pre-tax profit recorded by Ravensdown

12:55 pm on 10 August 2011

Ravensdown fertiliser co-operative made a record pre-tax operating profit of almost $72 million, for the year ending 31 May.

That's 260% up on the previous year's result.

A fortnight ago, Ballance Agri -Nutrients, announced a profit of $86 million for 2010-2011, compared with $20 million the year before.

Ravensdown chief executive Rodney Green says the $57 million for distribution to shareholders, is the highest for 14 years.

Despite difficult trading conditions, he says Ravensdown's operations in Western Australia and Queensland performed well, with an $11 million loss in 2009-2010, reduced to $1.6 million.