Restructuring within the Ruralco farm services company has eroded its 2015-16 after-tax profit to $4.2 million down from last financial years $14.1m.
Although the rural agency and water services group posted strong results in its core traditional business, with rural supplies gross profits up 16 per cent to $118m and agency gross profits up 3pc to $105m, the company has spent $14m on restructuring and divestment costs.
The restructure included shutting down half its live export business, which is now focused solely on taking cattle from northern Australia.
Underlying gross profit lifted from last years $297.7m to $304.9m after revenue increased 10pc to $1.8 billion.
Ruralcos branch network is also poised to expand with the acquisition of th…