Nufarm chief executive Greg Hunt says other nations treat grain production as a critical industry.
Already a subscriber?Nufarm boss Greg Hunt says other major grain-growing nations are doing much more than Australia to ensure they have the onshore manufacturing capability to produce food and animal fodder crops.
Revenue fell 10.1 per cent to $1.76 billion and underlying earnings before interest, taxes, depreciation and amortisation by 31 per cent to $217.4 million.Nufarm said it expected full-year underlying earnings of $350 million to $390 million, well below consensus forecasts of $438 million. The share price fell 5 per cent to $4.83 in trading on Thursday.
The company is about to restart its upgraded Laverton manufacturing plant in Victoria which now has capacity to meet domestic demand for herbicide 2,4-D of about 8000 tonnes a year and to export the chemical. What Mr Hunt would like to see is action to level the playing field with China when it comes to imports of glyphosate, the most commonly used farm chemical in Australia.
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