SA agribusiness Elders swings from loss to profit Wodonga angus weaner sale. Elders' Lachlan McAllister herds cattle through the saleyards. File photo. Elders chief executive Mark Allison. SOUTH Australian agribusiness Elders has turned around its business in one year, swinging from a half a billion dollar loss to a $3 million full year net profit. Progress against its three-year strategic plan to incrementally increase earnings with cost-cutting initiatives and a strong performance from its live export business helped the agribusiness turn around its $505 million loss in 2013 to deliver a modest net profit in fiscal 2014. In the year to September 30, Elders posted a net profit of $2.98 million. Underlying profit was $8.8m, up from a $68.5 million loss a year ago. Revenue in the same period rose 1 per cent to $1.43 billion, from $1.42bn in the year prior. Elders lifted underlying earnings to $27.3 million for 2013/14, up from a loss of $48.9 million a year ago. Elders also reduced its net debt 46 per cent during the year. The group declined to pay a final dividend, as it did last year. Elders chief executive Mark Allison said the results were driven by an uplift in earnings from all product and geographic segments, and a 10 per cent reduction in costs. Mr Allison said while 2014 had been about establishing a foundation to create value for stakeholders, 2015 was about embedding the initiatives which create that value. "Whilst our business will always be subject to the influence of seasonal and market conditions inherent in the agricultural sector, we need to manage the areas of the business that we can control," he said. Now that we have the right foundation, we can focus on the structured implementation of our eight point plan and work towards achieving our target of $60 million earnings before interest and taxation (EBIT) and 20 per cent return on capital in 2017. Mr Allison said the group's three-year strategic plan is envisioned to lead to steady and incremental growth in EBIT from all product and geographic segments. He said the group was working to more than double underlying earnings to $60 million by 2017. "The eight point plan initiatives are at various stages of due diligence and implementation but among them are a branch improvement program, a capital light and margin improvement program for our farm supplies business, a remuneration realignment program for our livestock and wool businesses, a managed growth plan for our feedlots and live export business and an ongoing focus on cost and efficiency," Mr Allison said. Strong demand from Asian markets buoyed Elders" live export services in the full-year, Mr Allison said. "Taking into account the negative balance sheet adjustment of $24.2m recorded at September 30, 2013, live exports still saw a net improvement of $6.2m for the year," he said.