Sunrice’s $34m profit makes most of tough year
26 June 2017
Andrew Marshall: The Land 24 June
Bad luck and tough market cycles have caned SunRice during 2016-17, but despite losing $32.5 million in its rice pool business alone, the company held enough ground to report a $34.2m after-tax profit.
A blowout in global rice production and decade-low prices; a much-reduced Australian harvest, and even sliding mining sector demand for foodservice products were among the challenging forces contributing to a 12 per cent revenue slide and 34pc profit drop in the year to April 30.
“After five years of improving financial performance and market expansion, a range of external factors combined to impact on the business,” said chief executive officer, Rob Gordon.
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