Rural Funds Management (RFM), responsible entity for RFM Poultry (RFP), is pleased to announce RFP’s first half FY2016 results.
RFP highlights and results overview
- Net profit after tax of $0.27m
- Earnings per unit of 3.95 cents
- Net assets of $7.42m
- Distributions in line with previous forecast
The results are in line with expectations for the period, including RFP incurring a higher proportion of repair and maintenance, and energy costs (due to seasonal factors). While these expenses impacted earnings in the first half of FY16, they are expected to normalise within the full year profit forecast range of $0.8m to $1.1m after tax.
At an operational level, RFM maintains a focus on the continuing improvement of operations, RSPCA compliance for the Griffith operations and biosecurity. The outsourcing of the repair and maintenance function to a third party in 2015 has improved the management structure, promoting a focus on core activities.
Previous forecast FY16 distributions maintained
Previous distribution forecast for FY16 of 14.36 cents (inclusive of franking credits) has been maintained. Distributions are paid quarterly.