26 Sep 2008

Farm chemicals group profit up 36%

7:14 pm on 26 September 2008

Nufarm has posted a 36% rise in underlying profit, boosted by a revival in demand and higher selling prices in Australia after several years of drought.

Profit for the farm chemicals group was $A163.9 million for the year to the end of July. Revenue jumped 41% to $A2.5 billion.

Sales in Australasia, which accounted for just over a third of the group's business, rose 28%, after many years of severe drought.

In North America, where Nufarm said it had increased its market share, sales grew 30% in local currency terms.

Nufarm is forecasting profit to rise more than 40% to between $A220 - $A230 million, spurred by growth in North and South America and Europe.