Tag: ELD

Shares in struggling rural services group Elders (ELD) jumped 5% yesterday after the company produced a better final result than those of the past couple of years.

Well, well, a small miracle of Australian business, the struggling Elders (ELD) rural services group is close to reporting a profit and starting to use the hundreds of millions in previous losses.

You wouldn’t credit it, but Elders (ELD) has managed to produce another surprise – no, it’s not more losses, another disastrous investment or unexplained problem in the ever diminishing empire.

Well, the ‘good news’ is that Elders (ELD) ‘only’ lost a total of $505 million in the year to September, instead of last week’s estimate of $510 million.

Elders (ELD) once again showed the market what a loss-making tease it is.

Another life for struggling rural group, Elders (ELD) with news its banks have given it new finance facilities totaling up to $414 million, but at the cost of finding $25 million in new cost cuts.

Elders (ELD) is continuing its rebirth as a rural services business by appointing as chairman a man with long experience in the sector.

It’s hard to know what hurt the Elders share price the most yesterday, the downgrade of the outlook or the general sell-off across the market, led by banks.

Rural services company Elders has downgraded earnings guidance and now expects a full year loss because of low prices for farm supplies, subdued real estate activity and the collapse of management investment schemes in the timber and forestry sector.

It is significant that in yesterday’s very weak market, investors found time to read and appreciate the signs that the embattled Elders seems to be making its way out of the mire.

Elders is to cut the value of its holding in Forest Enterprises to zero after the appointment of an administration to FEA yesterday.