StockMarketWire.com - African agricultural company Agriterra's first-half pre-tax losses more than halved even as demand for maize remained subdued, and the outbreak of foot and mouth in Mozambique curtailed beef sales.

For the six months to 30 September, pre-tax losses narrowed to $1.25m, from $2.62m a year earlier, and revenue increased 9% to $4.1m.

Results were weighed down, however, by increased losses in its grain division from to $0.78m from $0.19m owing to subdued demand and pricing for the division's maize flour.

Despite the outbreak of foot and mouth in Mozambique in February this year, beef revenue increased to US$2.6m from US$2.3m, the company said. Story provided by StockMarketWire.com