$65m surplus for CBH

23 Mar, 2001 01:33 PM
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COOPERATIVE Bulk Handling (CBH) announced a $65 million surplus at its AGM last week.

CBH chief executive officer Imre Mencshelyi also announced a cash-in-bank figure of $42.5m (as at October 31, 2000) and a reduction of $2.77 in its 'per tonne' operating costs between 1999 and 2000.

Mr Mencshelyi not only highlighted the company's financial performance, but also pointed to a successful $75.7m capital works program.

He said sound financial management and the record breaking 1999-2000 harvest had provided the record surplus.

In addition to an overview of the past harvest, Mr Mencshelyi stressed the benefits to shareholders of the company's unity with other grain industry players.

"Closer industry ties and information sharing are essential to ensure the WA grain industry remains competitive in the domestic and international arena," Mr Mencshelyi said.

"For this reason, we have been working more closely with the AWB Ltd and (the) Grain Pool of WA, to improve our services and support for WA growers."

High moisture wheat and barley trials were undertaken jointly with AWB and the Grain Pool, allowing more harvesting time in traditionally wet areas.

Mr Mencshelyi detailed some of the company's key initiatives of the past year.

He said the underlying thrust of its work during this period had been to build better business, improving services and financial returns to growers.

CBH also aims to work closely with growers and grower organisations in the future to remain competitive and prosperous.

"To this end we have embarked on numerous projects, such as CBH's newly acquired company-wide quality certification and the innovative Q-Track initiative, to better position growers in the face of increasing competition in grain markets," Mr Mencshelyi said.

He extended his gratitude to the numerous groups, including staff, directors, growers and grower representatives who assisted in the smooth running of the 2000-01 harvest.

CBH shareholders were given the opportunity to ask questions of the CBH board of directors and executive management team, most of which related to last year's restructure proposal and the company's reduced capital works program for 2001.

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