Webster Limited’ Shares Plunged On ASX After Releasing Its Full Year Statutory Accounts

Leading Australian agribusiness company, Webster Limited (ASX: WBA) released its full-year statutory accounts for the year ended 30 September 2018. Following this release, the share price of the Webster decreased by 2.454 percent as on 2 January 2019.

The company has reported total revenue from ordinary activities of $207.26 million which is 24.8 percent lower than the revenue of 15 months ended 30 September 2017 (FY 2017). The company earned a net profit after tax of $27.08 million in FY 2018 which is 53.5 percent less than FY 2017.

The basic and diluted earnings per share of the company in FY 2018 were 7.60 cents and 7.57 cents, respectively. As at 30 September 2018, the company was having total current assets of $243.09 million and total current liabilities of $198.75 million.

At the end FY 2018, the company was having net cash from operating activities of $25.16 million, net cash used in investing activities of $109.52 million and net cash from financing activities of $79.92 million. The net tangible asset per security was 86 in FY 2018 which was 68 cents in the previous corresponding year. During the year the company paid a final dividend of 3 cents per share, fully franked.

In the company’s Walnut’s business, the company achieved production of 9,508 tonnes as compared to 12,005 tonnes in the last year. The company achieved a profit of $10.7 million from its walnut's business which is less than the $18.8 million profit of FY 2017.

During FY 2018, the company diversified its horticultural operations by acquiring Sandy Valley almond orchard which is located in New South Wales, for a total purchase price of $16.8 million. In the Company’s Agriculture business, the company acquired several properties which include the acquisition of Packsaddle, a 50,000-hectare property, and the company also added to its water portfolio with acquisitions of water entitlements in the southern connected basin.

In August 2018, the company also entered into an agreement for the divestment of its wholly-owned subsidiary, Bengerang Ltd which will allow the company to focus on its core horticultural, agricultural and grazing operations in South Australia, and Tasmania.

As at 30 September 2018, the company was having a debt of $199.2 million which is higher than the debt of $104.1 million in FY 2017. The debt has increased mainly due to the acquisitions of Sandy Valley and other properties.

Meanwhile, in the last six months, the share price of WBA decreased by 10.44 percent as on 31 December 2018. WBA’s shares traded at $1.590 with a market capitalization of circa $590.46 million as on 2 January 2019 AEST (4:00 PM).


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