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Futuris routed on share market
26 Jun 2008
Agribusiness conglomerate Futuris announced an earnings downgrade yesterday, causing a share price fall of more than 36 cents. Lower revenue from forest investments, negative returns from Australian Agricultural Co and higher debt-servicing costs are blamed by the company for the negative outlook. Futuris plans to sell its 43 per cent stake in AA Co. Earnings growth from the Elders Rural Bank joint venture is also expected to slow in the coming year. Futuris's share price has halved in last five weeks and closed yesterday at 97 cents.
Herald Sun, 26/6/2008
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