Nufarm forecasts improved profit

Nufarm has estimated that its underlying net operating earnings for the 12 months to July 31, 2011 will be between $88 million and $94 million.

The figure for the same period in 2010 was $58.6 million.

A statement released by the Australian chemicals manufacturer said the estimate excluded the impact of an ongoing legal dispute with a major supplier that is likely to cut its full-year operating profit by $21 million.

July was forecast to be an important earnings month for the business, a reflection of the high level of sales that often takes place during this period.

The company is scheduled to release its full year results to July 31, 2011 in late September.

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