Nufarm announces $456 million net loss

ASX-listed agricultural chemical business Nufarm has announced a full-year net loss of $456 million, down from a $38.3 million profit a year ago.

The results included $215 million in impairments from its European assets, and the sale of its South American operations to Sumitomo Chemical for $1.2 billion, completed in April.

Nufarm Managing Director and CEO, Greg Hunt, said, "2020 has been an extraordinary year. The agricultural markets in which we operate across the globe have endured mixed seasonal conditions, industry-related supply issues and of course the tragedy and disruption of COVID-19. Against this backdrop, we maintained our commitment to the safety of our people, recording our best ever safety performance, and continued to meet the needs of our customers with minimal disruption. We have taken decisive steps to strengthen our business to deliver improved returns. We have refocused our portfolio, strengthened our balance sheet and progressed key priorities to drive better performance from our continuing businesses."

2020 Financial Results>>