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PGGW shuts real estate & stock business in Aussie

Rural News
PGGW shuts real estate & stock business in Aussie

PGG Wrightson Ltd., NZ's biggest rural services company, will close its Australian real estate and livestock businesses, citing tough market conditions and a subdued outlook reports Scoop. The shares dropped about 7%. The company will close four offices that employ 39 people in the states of New South Wales and Victoria, according to a statement from Wrightson. Last month, Wrightson cut its profit forecast for the year ending June 30, citing a loss at its real estate business, the economic downturn and a writedown of its stake in NZ Farming Systems Uruguay. Annual profit may fall to NZ$39 million to NZ$45 million, from a range of NZ$46 million to NZ$51 million, it said.  Today it said existing commitments to clients in Australia "will be honoured and arrangements made, as required, to transition clients to other service providers." The closure doesn't affect the company's PGG Wrightson Seeds unit in Australia, it said.

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