Agria Corporation (GRO) Reports PGG Wrightson Limited's Earnings Rose 55%
Agria Corporation (NYSE: GRO) announced that its New Zealand listed subsidiary, PGG Wrightson Limited (NZSE: PGW), further improved its operating performance, reporting a 55% increase in earnings before interest, tax and depreciation (EBITDA) for the six months to 31 December 2011 of NZ$22.0 million compared to NZ$14.2 million in December 2010. Revenue for the six months to 31 December 2011 was NZ$693.8 million compared with NZ$616.9 million for the six months ended 31 December 2010. Results are for the first six months of PGG Wrightson's fiscal year.
Mr. Xie Tao, Agria Corporation's Chief Executive Officer, said, "The impressive improvement in profitability underscores the strength of the company's business, management's execution, and our continued optimistic business outlook. It should also be noted that the second half of the fiscal year is typically stronger, normally accounting for almost two-thirds of the AgriTech operation's full year earnings."
Net profit after tax (NPAT) was NZ$3.1 million, compared with a loss of NZ$5.9 million for the equivalent period last year.
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Mr. Xie Tao, Agria Corporation's Chief Executive Officer, said, "The impressive improvement in profitability underscores the strength of the company's business, management's execution, and our continued optimistic business outlook. It should also be noted that the second half of the fiscal year is typically stronger, normally accounting for almost two-thirds of the AgriTech operation's full year earnings."
Net profit after tax (NPAT) was NZ$3.1 million, compared with a loss of NZ$5.9 million for the equivalent period last year.
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