26-Feb-2013
  • Consolidated earnings (before tax) up 117% to $2.613 million.
  • Continued strong earnings from the Water business with a segment profit before interest & tax (EBIT) of $4.337 million.
  • Cropping operations planted a record 7,120 hectares of irrigated cotton.
  • Completed cereal harvest of 4,150 hectares, achieving an excellent average yield of 7.1 tonnes per hectare and a total production of almost 30,000 tonnes.
  • Purchase of a 6,000 hectare irrigated cotton, grain and pastoral property, "Glenmea" (formerly "East Farm") near Hay, NSW.

Listed agribusiness and water investment company Tandou Limited (TAN:ASX) today reported a $2.6 million profit before tax for the six months ended 31 December 2012.

Announcing the result, Tandou CEO Guy Kingwill said "today's announcement is another very pleasing result for the Company and demonstrates the quality of its staff and existing operations. Over the six month period the Company has achieved earnings growth while expanding our operational base".

"The continued success of the water business and consistent returns it has achieved, during a period of rising water allocation prices, demonstrates the Company's flexibility and diversity of revenue streams across its water and cropping enterprises."

"The 2013 cotton crop continues to enjoy favourable weather conditions and the Company is preparing winter cereal plantings of more than 4,000 hectares. With the Menindee Lakes system currently greater than 50% full and with further inflows in the Darling, water will be available for full production in the 2013-2014 year" Mr Kingwill said.

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



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