AUSTRALIA'S FUTURIS CORP DOWNGRADES PROFIT GUIDANCE.(Financial report)

SYDNEY, Dec 1 Asia Pulse - Agribusiness Futuris Corp Ltd (ASX:FCL) has downgraded its profit guidance as it anticipates tough market conditions for the rest of fiscal 2009.

Futuris says underlying profit after tax in fiscal 2009 now is forecast to be about $A60 million ($US39.2 million).

Underlying earnings before interest and tax (EBIT) for the 12 months to June 30, 2009, now were expected to come in around million, prior to non-recurring items and impairments, Futuris said on Monday.

In August, Futuris maintained its forecast for a 2008/09 underlying net profit of between $85 million and $90 million.

But as a result of a change agenda announced on Monday, Futuris said it expected to suffer a "modest" loss of around $9 million in the first half of fiscal 2009.

This was because the half year to December 2008 - the first half of fiscal 2009 - would be "affected by the impairments and writedowns announced today".

"The major costs associated with the Elders Business Transformation project will be overwhelmingly concentrated in the six months to December whilst FY09 benefits will be concentrated in the second half," Futuris said.