Agriterra losses narrow

Agriterra's loss for the year to the end of May from continuing operations - which excludes the results of the discontinued cocoa operations - reduced from $8,205,000 to $7,677,000.

Excluding non-recurring impairments recorded against property, plant and equipment in the beef division of $3,069,000 (2015: $nil), the loss has decreased by 44% to $4,608,000.

Agriterra said the decrease in loss reflected both an increase in gross profit of $1,251,000, primarily in the grain division, combined with a decrease in other operating expenses of $2,222,000, primarily in the grain division and central corporate overheads.

Overall, the operating profit of the grain division was $811,000 compared to an operating loss of $2,128,000 in FY2015, while the operating loss of the beef division, excluding impairments of property, plant and equipment increased from $2,317,000 to $2,912,000.