Inspite of a very potentially devastating enquiry at the end of...

Inspite of a very potentially devastating enquiry at the end of january, AWB does seem reasonably sound financially. This article from yahoo finance once again points to all the good news at AWB, without looking at the bad news from this enquiry next year.

ABC Finance News


AWB exceeds performance targets

Wednesday December 7, 2005, 12:46 pm

The latest report into AWB International's management of Australia's wheat exports has found the company has been exceeding its performance targets.

But the Wheat Export Authority review has made no findings on claims AWB paid kickbacks to the Iraqi Government through the oil-for-food program.

The Wheat Export Authority's annual growers report says AWB outperformed the key wheat industry benchmark by $16 per tonne, providing higher than expected returns to farmers.

That is despite it also finding real pool returns to growers have fallen because of increased competition and a global long-term decline in wheat prices.

AWB also incurred a $20 million increase in shipping costs to Iraq in 2003-04, but the WEA makes no mention of the exporter's role in the oil- for-food program.

"Overall AWB have outperformed their wheat industry benchmark which is the benchmark they use to assess their performance," WEA chief executive Glen Taylor said.

Mr Taylor also says the WEA is not able to comment on the latest developments in the oil-for-food scandal.