Elders sheds more plantations

MORE blue gum plantations owned by Agricultural Land Trust will be sold.

The trust, 49 per cent owned by Elders Ltd, has plantations in the green triangle area of western Victoria near Hamilton and also in Queensland and Western Australia.

Trust chairman Peter Zachert said his board was monitoring the sale of Elders Rural Services division. Elders has loaned the trust $9.3 million.

With holdings valued at $80.5 million, the trust already has plantations valued at $39.1 million for sale.

"The board has since resolved to classify additional properties with a book value of $10.3 million as held for sale," Mr Zachert added. Elders will on Monday unveil its annual report, which analysts already predict will continue the grim tidings.

Its biggest shareholder and merger hopeful, Ruralco, expects its profits to be 5-10 per cent lower this year because of weaker sheep and wool prices.

The heat came off Elders shares in the past week with lower numbers traded and prices hitting bottom at about 15c.

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Elders sheds more plantations