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Beef producer takes $74 million hit from extreme weather

Australian cattle

Australian Agricultural Co. Ltd. said that extreme weather including drought in northern Australia and floods in Queensland have cost the beef producer $107 million Australia ($74 million) this year, The Sydney Morning Herald reported. Hugh Killen, chief executive of Australian Agricultural, said that the Queensland floods killed 43,000 head of cattle or nearly 10% of its herd, causing an estimated AUD 47 million in losses. Mr. Killen said that drought affected 800,000 hectares of its farms and cost the company AUD 60 million.

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