26-Aug-201326 August 2013

TANDOU LTD REPORTS PROFIT BEFORE TAX UP 15% TO $8.6M


- Full year profit before tax increased by 15% to $8.6 million
- Full year NPAT increased by 16% to $6.0 million
- Water Division EBIT (pre Corporate Costs) grew 14% to $7.3 million
- Cropping Division EBIT (pre Corporate Costs) up 6% to 4.2 million
- Successful completion of record 7,105 ha cotton harvest (approx. 72,000 bales)
- Expansion of Riverina cropping operations with acquisition of "Glenmea"
- Secure water availability for full 2014 cropping program
- Interim dividend of 1 cent per share unfranked

Listed agribusiness and water investment company Tandou Limited (ASX:TAN) today reported an $8.6 million profit before tax for the year ended 30 June 2013.

Announcing the result, Tandou MD & CEO Guy Kingwill said "this is another very pleasing result for the Company with year on year earnings growth of 15%, driven by the continuing success of both our water business and farming operations. Importantly, this profit result further demonstrates the Company's ability to generate consistent returns and a business model aimed at reduced earnings volatility."

"The Company has recently completed winter cereal planting of 5,000 hectares, representing a 20% increase in area, and preparations are well advanced for an anticipated 25% increase in cotton area to 8,800 hectares. Ginning of the 2013 crop is 30% complete and based on turn-out results to date the cotton yield is expected to be approximately 10.2 bales per hectare."

"Following the successful FY2013 financial result and the outlook for continued positive trading conditions for 2014, Directors' have resolved to approve a 1 cent per share unfranked interim dividend payment to shareholders. This dividend follows a 1 cent dividend paid during October 2012.

The interim dividend will be paid to shareholders on 27 September 2013. The dividend record date is 13 September 2013." Mr Kingwill said.

Further information relating to the Company's financial and operating results is included in the Preliminary Final Report.

Enquiries:

Guy Kingwill                               Andrew Angus
CEO/MANAGING DIRECTOR      INVESTOR RELATIONS
PH. 03 5018 6500                      PH. 0402 823 757


TANDOU LIMITED
ABN 81 001 014 562



Go Back
distributed by