Ruralco Holdings Ltd, an agribusiness and real estate group in Australia, announced today that its first half net profit grew by 23% comparing to the previous corresponding period. The group also said that it expects stronger second half of the fiscal and solid results for the full year.

First half results were in line with the expectations of the company despite a price drop of more than 40% in some categories of key inputs. Ruralco said that the first half results were mainly attributable to the increased volumes in the period.

Ruralco said that the net profit after tax was reported of $A7.8 million in the first six months of the fiscal ended March 31, increasing by 23% while it was reported of $A6.32 million in the same period last year.

Total revenue in the first half was reported of $A429.6 million, increasing by 4% while it was reported of $A400 million in the previous corresponding period.

Ruralco said that it is quite optimistic for the remaining period of the year. The company said that it expects a solid full year results. Ruralco also said that its full year results would depend on continued improvement of farm input prices and soft commodity values.

“Continued focus on capital management and cash generation will also assist in producing what should be a solid full year result,” said John Maher, managing director of Ruralco.