Sending shares in the agribusiness group down 46% to a record low, Elders has hastened hopes that it will return a profit this year.

As compared to a previously forecast underlying profit of $55.7m, saying sales in the June quarter were lower than expected, Elders, formerly known as Futuris, envisaged an underlying loss of $8 million-$14 million for the year to June 30.

Elders Chief Executive, Malcolm Jackman, apologized to all the shareholders less than 12 months after raising $550 million from investors. He further said that there was a need for shareholders to be patient.

Mr. Jackman acknowledged that Elders was gaining a standing for constantly releasing bad news to the market but the Company as a whole was taking important action.

Sending Elders shares down as much as 46.3% to 44 cents, the lowest point since it listed in June 1981, the market I said to have reacted savagely.

IG Markets strategist Ben Potter said, "One would have to think that management are going to come under intense scrutiny, with institutional holders likely to question their credibility and ongoing role with the Company".

Mr. Jackman also said that Chief Operating Officer, Mike Guerin and Australian Head Manager, John Molenaar had resigned and that he would now take direct responsibility for network performance.

Elders will employ measures to cut costs by $45m a year from December and slash 10% of its workforce. Elders' website says it has 4600 employees.