Surging demand for chicken and fish feed and reduced costs have delivered a better than expected first-half net profit for Australia's biggest animal feed producer, Ridley Corporation.
Ridley, which is also Australia's largest salt producer, has posted a $14.9 million net profit for the six months ended December 31, up from a $50 million loss a year earlier, The Australian Financial Review reports.
But last year's result was affected by a $52.5 million loss associated with the sale of Canadian subsidiary Ridley Inc. Profit from continuing operations increased by $12.6 million on the previous year's $2.3 million.
Ridley managing director John Murray forecast a full-year net profit of between $28 million and $30 million, in line with the Melbourne-based group's previous guidance.
Mr Murray said Ridley benefited from a 2009 restructure that had cut operating costs by $7 million.
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