Rice

Bigger crop, better sales lift SunRice profit to $24m

21 December 2017

The Land
Andrew Marshall
21 Dec 2017, 8:30 a.m.

Last season’s bigger crop has helped lift SunRice’s after-tax net profit almost 16 per cent to $24.1 million for the first six months of its 2017-18 trading year, despite less consolidated revenue.

Revenue dipped 4.1 per cent on the same period last year to $544.9m.

With international market prospects looking better and its focus on selling branded Australian-grown products at premium values reaping rewards, SunRice tips its full-year profits will lift towards $45m, up from a previous $40m forecast.

A larger Riverina rice crop of 802,000 paddy tonnes harvested in autumn, plus helpful foreign exchange gains and the gradual improvement in SunRice’s biggest overseas business, Papua New Guinea’s Trukai, all contributed to the first half profit rise.

Read full press release here.