By Stuart Condie
SYDNEY–Australian agricultural business Elders cut its dividend as first-half profit fell 47% on weaker industry trading conditions.
Elders on Monday reported a net profit for the six months through March of 48.8 million Australian dollars (US$32.4 million), compared with A$91.2 million in what it said had been an abnormally strong year-earlier period.
Revenue rose 9% to A$1.66 billion. Underlying earnings before interest and tax, or Ebit, slipped 38% to A$82.8 million against a backdrop of softer livestock trading conditions, weaker crop input prices and unseasonably wet weather.
The board cut the half-year dividend to A$0.23 from A$0.28.
Elders said that it expects full-year underlying Ebit of between A$180 million and A$200 million, with its fiscal second-half supported by strong demand for agricultural commodities.
Elders added that it expected to issue an update in July on its search for a new chief executive.
Write to Stuart Condie at stuart.condie@wsj.com
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