Agribusiness

Investors have punished local agribusiness Wellard for announcing another downgrade to its profit outlook, which could be as little as half of its original estimate.

The state’s widespread wet autumn has helped lift rural confidence, with most farmers expecting this year to either be a better year for the agricultural economy or as just as good as last year.

The state’s high labour costs and lack of available farmworkers will make it difficult to compete globally in agribusiness, potato grower Tony Galati told today’s Business News Success & Leadership breakfast.

Medical cannabis hopeful MGC Pharmaceuticals has upped its capital raising to $5 million after its initial $3.5 million raising closed oversubscribed.

Bannister Downs Dairy has appointed Perkins Builders as head contractor for its $20 million-plus creamery project at Northcliffe, and is planning to commence construction in coming months.

Analysis by Deloitte suggests grain growers in the CBH Group network value add $771 million to the state’s economy, while the grain handler directly contributes a further $348 million.

Sandalwood producer TFS Corporation has confirmed a $65 million capital raising to buy-out plantations owned by managed investment schemes.

The Kailis family has folded its Kailis Bros seafood business into a larger, newly-capitalised venture called KB Foods that will be 90 per cent owned by Hong Kong-listed conglomerate Legend Holdings. Click through to see the multiple WA businesses owned by members of the Kailis family in WA. 

Managing the state’s economic transition was the main focus of today’s cabinet reshuffle, Premier Colin Barnett said, with tourism and agriculture in his sights as key growth industries.