News: NUF Nufarm Ltd says HY EBIT increases 12 pct to $71.2 mln

March 23 (Reuters) - Nufarm Ltd (NUF) :

• Says HY underlying earnings before interest and tax (EBIT), for the half year, of $71.2 million, up by 12% over the prior half year
• HY group revenues $1.19 billion, up by 0.3%
• Accounting estimate change will result in approximately $7 million of higher amortisation costs in financial year 2016
• Directors declared an unfranked interim dividend of 4 cents per share
• Exchange loss resulting from the devaluation exceeds the gross margin gains at the half year
• Second half is expected see further reductions in the average net working capital to sales
• Brazilian market will continue to be tough for second half of last year
• Operating cash flow may not be as strong as in the prior year
• Company expects to generate growth in the US
• Business is expected to generate a better second half result than in 2015
• Nufarm has incurred a further $5 million in foreign exchange losses in the February month
• On track to deliver at least $20 million in benefits from the performance improvement program in the 2016
• Underlying net profit after tax will be impacted by higher net financing expenses in the second half