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Sheep shortage helps record Ruralco profit

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November 14, 2017

A shortage of sheep and rising demand for wool has helped Ruralco to a record full-year profit.

Ruralco's full-year profit has soared to $22.4 million after strong seasonal conditions in Tasmania and the eastern states helped lift growth in its core rural services division.

The agribusiness says net profit for the 12 months to September 30 rose from $4.3 million a year earlier, when the bottom line was weighed down by the restructuring of its live export and water businesses.

Both restructured units reported improved earnings, while underlying earnings before interest, tax, depreciation and amortisation from the rural services division rose 23.8 per cent to $87.9 million.

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