Grazier Australian Agricultural Company (ASX:AAC) has announced it expects to post a net loss of between $53 million and $60 million for 2009.
Much of the impact on earnings has been attributed to the droughts of 2008 and flooding of early 2009 in the company’s properties in northern Australia.
The weather conditions caused cattle losses, and led to reduced weight gain in the cattle herd. Meanwhile the price of cattle remained subdued throughout the year, and the strong value of the Australian dollar also affected earnings.
The company will report its full financial results in mid-February.