Agribusiness Ruralco has more than doubled its half year profit and expects growth to continue if weather conditions prove favourable.
Revenue from each of the company's divisions - which include live export, water services and rural supplies - was higher than a year ago, despite some challenging weather, Ruralco said.
Rainfall early in the six months to March 31 enabled seeding programs to get underway, but rain is still desperately needed in northern NSW and western Queensland, the company said.
A weaker Australian dollar is a positive for the export of commodities, and overseas demand for meat and livestock is expected to remain firm, it said.
"Assuming normal seasonal conditions, Ruralco targets continued strong year-on-year growth in the underlying profitability of the group," Ruralco said.
The company made a profit of $10.5 million in the six months to March 31, up from $5.1 million in the same period a year earlier.
Underlying profit, which excludes one-off items, rose 33 per cent to $11.3 million.
Ruralco shares were up 30 cents, or 8.57 per cent, at $3.80.
RURALCO DOUBLES PROFIT
* Net profit of $10.5m, up from $5.1m in 2013/14
* Sales revenue of $149.7m, up 30 pct from $115.5m
* Interim dividend of nine cents per share, up from eight cents
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