Namoi Cotton Co-operative Ltd. announced group and parent earnings results for the year ended February 28, 2014. For the period, the group reported revenue from continuing operations of AUD 507,337,000 against AUD 580,033,000 a year ago. Profit before income tax was AUD 7,680,000 against loss before tax of AUD 4,242,000 a year ago. Profit from continuing operations was AUD 5,313,000 against loss from continuing operations of AUD 107,000 a year ago. Profit and total comprehensive income attributable to the members of the company was AUD 5,313,000 against AUD 1,543,000 a year ago. Diluted earnings per unit were 4.9 cents against 0.1 cents loss per share a year ago. Net cash inflow from operating activities was AUD 64,900,000 against net cash outflow from operating activities of AUD 13,054,000 a year ago. Payments for property, plant and equipment was AUD 3,007,000 against AUD 6,073,000 a year ago. The total net debt has reduced from AUD 142 million at the commencement of the financial year to AUD 58 million at 28 February 2014. EBITDA was AUD 24,231,000 against AUD 21,776,000 a year ago. EBIT was AUD 14,049,000 against AUD 7,711,000 a year ago. Net tangible assets per Namoi Capital Stock was 108 cents against 115 cents a year ago. The improved financial performance has been delivered by consistent ginning division contribution, strong cotton seed trading margins and reduced financing costs.

For the period, the parent company reported revenue from continuing operations of AUD 506,376,000 against AUD 573,687,000 a year ago. Profit before income tax was AUD 4,068,000 against loss before tax of AUD 8,519,000 a year ago. Profit from continuing operations was AUD 1,701,000 against loss from continuing operations of AUD 3,453,000 a year ago. Profit and total comprehensive income attributable to the members of the company was AUD 1,701,000 against loss of AUD 1,803,000 a year ago. Net cash inflow from operating activities was AUD 64,902,000 against net cash outflow from operating activities of AUD 13,045,000 a year ago. Payments for property, plant and equipment was AUD 3,007,000 against AUD 6,073,000 a year ago.

For 2014, the company estimates total season production of 3,728,249 bales.