Agricultural chemical supplier Nufarm's full-year profit plummeted $130 million to a $15.6 million loss on the back of drought-driven impairments in Australia.
Nufarm has slumped to a $15.6 million full-year loss on the back of $91.5 million in drought-related impairments, and the cost of acquiring crop protection products from Europe.
The agricultural chemical supplier's revenue increased 6.3 per cent to $3.31 billion, helped by a big lift in Europe, where it acquired product portfolios from FMC Corporation, Adama and Syngenta.
Revenue grew in every region except for Australia and New Zealand, where Australia's severe drought dragged sales down nearly 10 per cent to $590.1 million.
Large parts of Queensland and New South Wales have been declared drought affected, with crop production expected to be 30 to 40 per cent down on a year earlier.
Nufarm says it expects earnings growth in 2018/19 but this relies on the drought easing and seasonal conditions returning to average.
The company will pay an unfranked dividend of six cents per share, down from eight cents in 2017.
DROUGHT PUSHES DOWN NUFARM PROFIT
* $15.6m loss v $114.5m profit in pcp
* Revenue up 6.3pct to $3.31b
* Final dividend down two cents to eight cents, unfranked