If you do some back of the coaster calculations that figure of $2.3m seems way too low for 9 bales per hectare at $494 per bale over 4000 ha (yes they grew some premium variety as well but I am presuming that that was at least as profitable as the upland stuff).
I reckon either they have not included all of the cotton sales but have included all the costs for last season's cotton in that figure and / or they have included lots of the costs for setting up the 2300 ha of wheat and the 6500 ha of cotton that they are going to plant in coming months.
Don't know why they would not be more upfront about it though because at face value it looks an underwhelming result imo.
TAN Price at posting:
41.0¢ Sentiment: Hold Disclosure: Held
