Lonrho Africas agribusiness suffers
PROFITS at Lonrho Africas agribusiness division almost halved last year, from £7.2 million to £3.8m, as the cotton business was hit by a fall in both price and demand following the East Asian crisis.
The company, which demerged from its mining parent last month, reported maiden interim operating profits down 43% at £13.2m, on sales down 18% at £242m.
Management had warned of a poor result after a combination of adverse events over the half year: El Niño, high interest rates, currency devaluations and high local interest rates.
- The Times 12/06/98 page 31
- The Independent 12/06/98 page 21, page 23 (The Investment Column)
- Financial Times 12/06/98 page 24
- The Scotsman 12/06/98 page 27
- The Daily Telegraph 12/06/98 page 35