Australia's largest beef producer Australian Agricultural Company has reported its profits for the year to March rose to $15 million, while wagyu sales gained 20 per cent over the year, primarily in South Korea.
In a statement, AACO said it was working closely with government and industry stakeholders to ensure China's recent trade suspension on four Australian abattoirs would impact the industry as little as possible.
AACO said China comprised about 15 per cent of its total meat sales and of that, just under two-thirds of its meat exports to China would be impacted by the suspension of those abattoirs.
Meanwhile, Fletcher Building construction announced it would be cutting 1,500 jobs as a result of coronavirus restrictions.
The construction company's share price dropped one per cent at the open of markets today following the announcement.
Fletcher Building said New Zealand's restrictions prohibited construction entirely during its lockdown period, which also impacted business.