Namoi Cotton posts strong turnaround

A BUMPER crop has helped Namoi Cotton return to profitability compared with the previous corresponding half year.

The cotton processor posted a net profit of $9.8 million for the six months ended 31 August.

This compared with a net loss of $56.7 million in the previous half year.

The cotton processing company said the result had been underpinned by strong ginning (processing of raw cotton) volumes and enhanced risk management practices.

"As a result of our de-risked business model and favourable industry dynamics, Namoi has achieved a substantial earnings turnaround in the first half of the financial year," chief executive Jeremy Callachor said in a statement on Tuesday.

Namoi said the 2012 Australian cotton crop was the largest on record for the industry and was anticipated to total 5.4 million bales, representing a 32 per cent improvement on the previous year's record crop.

Namoi Cotton had to date ginned 1,174,000 bales, with total ginning volumes now forecast final total volumes ginned at between 1.5 million and 1.6 million bales, from 1.3 million in 2011.

Mr Callachor said Namoi Cotton had maintained its leading position as the largest ginning organisation in the Australian cotton industry as a result of its core infrastructure capacity and continued resource, capital and operating investment in its ginning network.

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