Australia's Nufarm maintains profit guidance

SYDNEY - Australian farm chemicals maker Nufarm Ltd said today it does not believe it needs to change its full-year profit guidance, despite challenging conditions in its Australian and Brazilian businesses.

In remarks to the annual shareholders meeting, managing director Doug Rathbone said Australia's drought was affecting summer cropping, and this will have an effect on Nufarm's business.

Business in Brazil is recovering, but the recovery is likely to be gradual, he said.

In September, Nufarm posted a 3 per cent fall in annual profit, hit by a sharp decline in earnings at its Brazilian business, and said tough conditions in some markets clouded its outlook.

- REUTERS