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BRIEF-Nufarm Ltd says HY EBIT increases 12 pct to $71.2 mln

Published 23/03/2016, 08:47 am
BRIEF-Nufarm Ltd says HY EBIT increases 12 pct to $71.2 mln
NUF
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March 23 (Reuters) - Nufarm Ltd NUF.AX :

* Says HY underlying earnings before interest and tax (EBIT), for the half year, of $71.2 million, up by 12% over the prior half year

* HY group revenues $1.19 billion, up by 0.3%

* Accounting estimate change will result in approximately $7 million of higher amortisation costs in financial year 2016

* Directors declared an unfranked interim dividend of 4 cents per share

* Exchange loss resulting from the devaluation exceeds the gross margin gains at the half year

* Second half is expected see further reductions in the average net working capital to sales

* Brazilian market will continue to be tough for second half of last year

* Operating cash flow may not be as strong as in the prior year

* Company expects to generate growth in the US

* Business is expected to generate a better second half result than in 2015

* Nufarm has incurred a further $5 million in foreign exchange losses in the February month

* On track to deliver at least $20 million in benefits from the performance improvement program in the 2016

* Underlying net profit after tax will be impacted by higher net financing expenses in the second half

* Source text for Eikon

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