When compared to the same time last year, Elders made an improvement to the tune of $12.3 million.

Elders CEO Mark Allison said improved summer cropping conditions helped boost earnings from the company’s retail operations by $6.5 million.

“Record livestock and wool prices added $5.8 million to the business’ earnings. These high livestock prices, coupled with low interest rates for our real estate business, generating increased demand for large cattle and broadacre properties,” Allison said.

Elders acquisition of 30% of the company StockCo and an additional 10% investment in the equity of Elders Insurance also boosted financial service earnings for the first half of the year.

The results prompted Elders to assess itself as having achieved “solid performance” in the first half of 2017.

Allison said the company was on track to its commitment to paying dividends at the end of the fiscal year.

Although high cattle costs weighed on Elders’ overseas feed and processing business, it was offset by better earnings from higher occupancy and efficiencies at its Killara feedlot. The company said its exit from the short-haul live export business was well- advanced.

It also predicted that high prices for sheep and cattle were to continue in the short term but ease as volumes rise later in the year. The decline in livestock prices was likely to also see demand for livestock properties ease.

With rainfall to June expected to be lower and temperatures higher than average for most of Australia, crop yields could be affected.

“However our sense is that we’re looking for an average season,” Allison said.

“We’re taking a conservative view on the second half,” he said.