Elders says losses getting better

Rural services company Elders has reported a $60.6 million loss for its latest financial year.

However, it is smaller than last year's loss of $395.4 million.

The company says its improved performance was partly due to a 15 per cent reduction in debt to $295 million.

That helped offset a further fall in sales revenue, which was down 5 per cent to just under $2.2 billion.

Elders has been selling some of its divisions to help pay down its heavy debt burden: it is continuing the sale of forestry assets; the company also says it is well advanced in the sale of Futuris Automotive; and it is preparing to sell its rural services business.

The company says, excluding one-off costs, its net profit after tax was up 47 per cent to $13.2 million in the year to September 30.

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