Business
Kangaroo Island Plantation Timbers has rejected a $20 million offer to buy the majority of its forestry land and use it for farming, saying the bid was “far below book value”.
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As an industry that is intrinsically tied to the Australian identity, the Agribusiness sector has enjoyed a prime position in the public psyche for many years. But concerns over some industry practises has the sector looking to technology and updated methods to grow productivity and address renewed community expectations.
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South Australian agribusiness Elders has reported a healthy statutory profit after tax of $122.9 million for 2019-20, an 80 per cent increase on the previous financial year.
UPDATED: Adelaide Hills apple and pear growers are pushing back against a move to bar genetically modified crops from the region, arguing that the right to use GM varieties in the future would help them keep up with competitors.
Stonehaven Winery, which features a modern 12,000-tonne crushing facility, wine cellar and function centre, has hit the market.
Elders’ net profit has slipped 3.7 per cent to $68.9 million, but its suite of new purchases has helped offset drought-ravaged cropping and wool volumes.
