Despite forecasting in August an after-tax profit, the company is now not anticipating "any significant earnings before interest and tax contribution in the second half of the financial year".

In a statement to the Australian Securities Exchange this morning, the company also announced the appointment of former Colly Cotton managing director, David Farley, as its new chief executive.

Mr Farley will commence on December 1 and will face an immediate challenge in turning around AAco's financial fortunes.

In the statement to the ASX today, the company blamed the strong Aussie dollar for its downgraded outlook.

"Cattle prices are influenced by many factors, but the recent falls are widely attributed to the historic high level of the Australian dollar, which has risen from $0.805 AUD:US as at 30 June 2009 to around $0.915 AUD:US on Friday 30 October 2009," AAco said in its statement.

"AAco's reported earnings are extremely sensitive to year-end cattle price assumptions, under the Agriculture Accounting Standard.

"For every one per cent change in AAco's total herd valuation, AAco's EBIT (earnings before interest and tax) is potentially impacted by $4 million."

The company said actual earnings adjustments would not be known until the end of January 2010 on completion of a full herd analysis and valuation.

Meanwhile, AAco chairman Stephen Lonie said Mr Farley would bring "a wealth of talent" to the company.

"David's well-rounded agribusiness background makes him the right man to lead AAco," Mr Lonie said.

"David brings a wealth of experience in high level risk management and international marketing. His focus, leadership and agribusiness expertise will be of great benefit to AAco."

Mr Farley said he would be focussing on AAco’s core strengths.

"While the past few years have clearly presented some significant challenges for the business, with droughts, floods and a volatile Australian dollar, this business is built on solid foundations," he said.

"I appreciate that the core of the AAco business is built around its vertically integrated beef product changes, which are critical to the company's current position and future profitability.

"I also consider that a strong focus on asset utilisation and productivity will be key drivers in increasing positive cash flow, which will be an objective of mine."