Elders Ltd, a rural services and vehicle interiors provider in Australia, announced today that its loss has narrowed in the first six months of the fiscal comparing to the previous corresponding period.

The agribusiness firm said that its strong performance in the first half was mainly attributable to the restructuring and cost improvements in forestry operations of the company. Elders also said that the recovery in the vehicle sector played an important role in lowering the loss in the first half.

Elders said that its net loss was reported of $A165.9 million for the first half ended March 31, while it was reported of $A328.8 million in the same period last year. Total revenue in the first half was reported of $A1.09 billion, decreasing by 2.7% while it was reported of $A1.06 billion in the same period last year.

The company said that profit after tax was reported of $A1.1 million in the first half when one-time items were excluded, comparing to a loss of $A21.8 million in the same period last year.

Underlying earnings before interest and tax were reported of $A21.3 million, from $A1.6 million posted in the prior corresponding period. Elders also said that its gross debt was reported of $A418.5 million at the end of the first half of the fiscal, decreasing by 65% while it was reported of $A1.2 billion six months earlier.