The Australian Egg Corporation Annual Meeting in Sydney today will be told about the difficult conditions faced during the year which resulted in an operating loss.
Operating income actually rose by 10.2% to $8.6 million (largely because of an increase in the number of chicks bought on which every commercial producer pays a levy). But the problem was that during the year, AECL decided to increase spending - and it went up 49.5% to $9.3 million.
So AECL has dipped into reserves to cover the shortfall. Would have been much easier not to spend so much !!! I wonder how much is being paid in executive bonuses.
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