Seed Co International pulled its half-year loss down to $200,000 from $2.8 million in the same period last year by tightening up spending and managing credit risk better. The foreign ops arm of the Seed Co Group pushed revenue up 15 percent to $46 million while cutting overhead by 9 percent, though forex issues in Malawi and hyperinflation effects still caused some damage.
The local subsidiary Seed Co Limited went the other way and posted a $5.73 million loss after revenue dropped 39 percent to $11.6 million. That drop came from seasonal timing shifts, fewer exports after regional supplies bounced back, and a smaller winter wheat season hitting the books.
The company is banking on normal to above-normal rainfall across southern Africa to drive demand for its climate-smart seed varieties, but currency swings and policy changes across the region keep things messy.
The local subsidiary Seed Co Limited went the other way and posted a $5.73 million loss after revenue dropped 39 percent to $11.6 million. That drop came from seasonal timing shifts, fewer exports after regional supplies bounced back, and a smaller winter wheat season hitting the books.
The company is banking on normal to above-normal rainfall across southern Africa to drive demand for its climate-smart seed varieties, but currency swings and policy changes across the region keep things messy.
