AACL tips $7.2m full-year loss
AACL tips $7.2m full-year loss

WA-based agricultural investment and management firm AACL Holdings says it expects to make a loss of about $7.2 million for the 2012 financial year instead of the previously forecast $2.1 million net profit.

The company also said it was in confidential talks related to funding arrangements for the group and expected to announce the outcome of the talks shortly.

AACL said in statement to the Australian Securities Exchange that it was forecasting the loss "based on lower contracted estimated grain tonnage, information not previously made available to the board and appropriate changes to accounting policy".

AACL said that its previous profit forecast was based on the delivery of about 400,000 tonnes of grain anticipated to be contracted to AACL by farmers.

But new information had resulted in estimates of contracted tonnage being revised downwards to between 275,000 and 300,000 tonnes.

This would result in a net loss of $1.0 million.

The forecast for the 2012 financial year was revised downwards by another $6.2 million as a result of a decline in investment funds that AACL traditionally sourced from agricultural management investment schemes (MIS).

"The decline in these MIS funds has resulted in AACL reassessing its accounting policy in relation to fee revenue attributable to the projects it manages," AACL said.

AACL shares were suspended having last changed hands for 2.2 cents.

The West Australian

Popular videos

Compare & Save

Our Picks

Compare & Save

Follow Us

More from The West