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Nufarm Limited (ASX:NUF) has announced a 20 per cent jump in earnings in its half yearly report released today. EBIT surged to $56.7 million from $47.3 million in the previous half year on an 11 per cent increase in revenue.
The jump was attributed to strong performance in the South American business, particularly Brazil. This offset poor performances in the drought-affected Australian market.
Management has said it remains confident in growing profits into the second half of the financial year despite a little uncertainty in some key markets.
The focus of the company for the immediate future will be working capital and the deployment of second half cash flows to pay down debt.
Nufarm has declared a fully franked interim dividend of 3 cents per share unchanged from the 2013 interim dividend of 3 cents.
Nufarm reported a net profit of after tax of $18.8 million for the six months to January 31, 2014.
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