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Ridley makes excuses, but promises to do better
26 Oct 2004
Australian stockfeed producer Ridley Corp blamed volatile climate patterns, various diseases, politics and commodity and currency volatility as the multiple causes of double digit declines in earnings in all its operating divisions. Net profit fell by closer to half, to $18 million. Ridley managing director Matthew Bickford-Smith said "the hard facts are that each of our animal nutrition businesses, which make up over 90 per cent of our sales revenue, were last year caught up in the most difficult operating environment that most of us has seen for many years." He said earnings more than doubled in the first three months of the new financial year, and predicted a full year net profit in 2005 at least 50 per cent higher than in 2004.
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