Thursday 24th March 2011
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Agricultural chemicals firm Nufarm Ltd says its operating profit in the six months to January 31, 2011 will be slightly above its forecast of A$10 million (NZ$13.6 million) to A$20 million.
The statement came ahead of the company's interim result on March 28.
Nufarm was a subsidiary of New Zealand-based Fernz Corp from the mid 1980s until early 2000. In 2000, Fernz migrated to Australia and changed its name to Nufarm Ltd.
Nufarm, which is one-fifth owned by Japan's Sumitomo Chemical, has been under funding pressure but completed a financing package last year which gives it funding for a year. It faces class actions from shareholders alleging poor disclosure.
Nufarm said Kevin Martin, its chief financial officer since 1994, would step down this month and general manager for finance Mark Keating would take on the role in the interim.
"Mr Martin indicated that work undertaken over the past 12 months to stabilise the financial position of the company; to strengthen the finance function and appoint a new group treasurer; and to help deliver a significant improvement in the operating performance of the business provides an appropriate opportunity for him to step away from the business," the company said.
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