SLC Agricola forecast a return to its pre-downturn rate of empire expansion, which has topped 40%, despite slipping into the red at the end of last year.

The Brazilian farm operator said it was enjoying "important changes" to its fortunes, with this year's results, achieved on the back of the 2009-10 harvest, to be boosted by higher commodity prices and a slide in costs.

The cost of sprays had fallen by 27%, with fertilizer charges sliding 32%.

 For the planting season starting late this year, SLC planned to resume its "historical pace of expansion in planted area", which has fallen to 2.6% in 2009-10, compared with a surge of 43% two seasons ago.

 The slowdown was reflected in a 76% slump to R$43.0m in the group's spending on land acquisitions last year.

Cocktail of headwinds 

Nonetheless, the group reported a third successive quarter in the red, as a 31% jump in costs booked, reflecting the more robust prices of 2008-09, more than outstripped a 6.1% rise in revenues.

The company reported an after-tax loss of R$19.87m, compared with earnings of R$11.1m a year before.