No doom or gloom for cattle company AAco

AUSTRALIA - Despite the bad news afflicting the agricultural sector in recent weeks, with a worsening drought and continued water shortages, one Queensland-based cattle company is trumpeting it successes to the market.
calendar icon 30 October 2006
clock icon 1 minute read
Australian Agricultural Company (AAco) released a clarifying statement to the stock exchange, saying that rather than struggling the company was actually thriving in 2006.

AAco runs more than 560,000 head of cattle on 24 stations in Queensland and the Northern Territory, and better than average rainfall on many of the properties has resulted in a better than average season.

"Unlike the southern half of Australia the majority of AAco's properties are experiencing an above average season with ample supply of pasture and stock water," the company said in its statement to the Australian Stock Exchange (ASX).

"AAco's cattle are in excellent condition with weights of growing cattle above average."

The company also said the fundamental strength in demand for Australian beef both overseas and domestically continues.

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