AWB Reports $157 M Profit

SYDNEY - Nov 22/05 - SNS -- The Australian wheat marketing board, AWB Limited, reported a net profit after tax of A$157.1 million for the year ending 30 September 2005.

Excluding significant items -- most notably the sale of its stake in Futuris Corporation -- AWB Limited had a net of $115.3 million, up 19% from the previous year.

"Clearly, diversification is paying dividends for AWB and its shareholders," argues AWB Limited Managing Director Andrew Lindberg. "This year's results include pleasing contributions from Landmark's rural services business as well as from our financial services offering.

"This has allowed us to deliver a 19% increase in NPAT before significant items, despite having significantly lower wheat volumes from the 2004-05 harvest and late rains for the current cropping season. This is the first time AWB has been able to increase its year on year profit when it has received lower year on year wheat volumes," Lindberg said.

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