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Alliance One International Swings To Net Loss

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By on Energy & Solar

Alliance One International Inc. (AOI) was steady in late Thursday trade and the tobacco wholesaler tonight reversing a year-ago profit during its latest fiscal year despite improved revenue. 

Shares were unchanged in tonight’s after-market at $2.52 each, earlier rising about 1.6% during Thursday’s regular session, climbing 4 cents. 

The company reported a net loss of $86.7 million, or $0.99 per share, during the 12 months ended March 31, compared with net income of $24 million, and $0.27 per share, during the prior fiscal year. 

Revenue rose 5% over year-ago levels to $2.35 billion. No analyst estimates were available for comparison. 

AOI said it faced challenging conditions through much of the past fiscal year, including unexpected higher prices paid to farmers in Brazil, severe weather in the United States and reduced quantities available for purchase in Tanzania. In addition to those operating and trading difficulties, the company said it also ran into one-time problems in Zambia and Argentina – including sharply rising inflation – resulting in over $83 million in costs and reducing gross profit by around $18 million.

 

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