Elders Limited (ASX: ELD), an Australian agribusiness, reported its half-year results for the period ended March 31, 2023. The company reported underlying earnings before interest and taxes of AU$82.8 million, down 37.7% from the previous corresponding period, but up 12.2% from 1HFY21. Statutory net profit after tax was AU$48.8 million, down 46.5% from the prior corresponding period.
Elders Limited stated that the decline in earnings was due to unfavorable conditions such as softened trading conditions in livestock, weaker crop input prices, and unseasonably wet weather. Elders' portfolio return on capital for 1HFY23 was 16.9%, above the 15% benchmark set in its Eight Point Plan strategy. Elders' directors declared a dividend of 23 cents per share, 30% franked. The company's full-year underlying EBIT guidance is between AU$180 million and AU$200 million. Elders' financial services segment grew revenue primarily due to rising demand for insurance products and premiums.
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