Elders 1H A$48.8M Vs. Net A$91.15M >ELD.AU

Corrections & Amplifications

This article was corrected at 0115 GMT to reflect that Elders cut dividend to A$0.23 Vs. A$0.28. The original headline incorrectly said A$0.069 Vs. A$0.084.
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