AUSTRALIA: Namoi Cotton Profit Soars, Sees Tough 2003
Leading cotton processor and marketer, Australian Namoi Cotton Cooperative Ltd, on Monday posted a huge leap in full year net profit to A$9.8 million from A$0.9m in the year-ago period but warned its 2003 outlook is gloomy. The firm cited ongoing cost savings, increased profits from marketing and ginning, and an improvement in bad debt provisions, for the profit jump but said a severe drought in cotton growing areas would hit profits hard this year.
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