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QUEENSLAND COTTON HOLDINGS BOOKS 48% SLIDE IN NET PROFIT.
BRISBANE, May 1 Asia Pulse - Queensland Cotton Holdings Ltd (ASX:QCH) has been hit hard by the worst drought in 100 years, registering a 48 per cent slump in annual net profit.
Queensland Cotton's net profit of A$8.2 million (US$4.8 million) for the 12 months to February 2003, compares to $15.9 million previously.
The cotton group also said there was potential for its future profit to drop by 40 to 50 per cent in 2003/04.
Queensland Cotton chairman Ben Macdonald said accurate forecasts for the full year were not possible to make at this time, given the company was only two months into its new financial year.
Total revenue for the period was $639.5 million in 2002/03, compared to $834.9 million in the prior year.
Its United States business was performing well, contributing $3.85 million to its annual the net profit.
In October, the group flagged a drastically reduced full year profit because of the drought and depressed global economy.
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...BITES STOCK REPORT Queensland Cotton Holdings (ASX...low of $3.30. Queensland Cotton Holdings (QCH...675.45 million, net profit after tax was $6...63. ACTIVITIES Queensland Cotton Holdings is primarily...
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Source: HighBeam Research, QUEENSLAND COTTON HOLDINGS BOOKS 48% SLIDE IN NET PROFIT.