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Rain boosts Namoi cotton
24 Dec 2008
Namoi Cotton says recent rain has benefited the 2009 cotton crop which is now forecast to be 1.4 million bales, up from 0.6 million bales in 2008. Namoi has market share of more than 35 per cent and recorded a net profit in the 2008 financial year of $4.51 million, down 64 per cent on 2007. Namoi has revised down its profit forecast for the year ending February 28 from $12 million to $8 million. Namoi said softening world demand was creating lower prices on cotton futures markets.
The Australian, 24/12/2008
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