Australia’s largest beef cattle producer has blamed the suspension of live exports to Indonesia for a $46.5 million March quarter loss.

Australian Agricultural Company (AACo) managing director David Farley says farmers are struggling, almost two years after footage of overseas abattoir workers torturing cattle sparked public outrage and a temporary ban on live shipments.

The latest loss has widened from a $5.1 million net loss during the March quarter in 2012, despite revenue rising from $43.2 million to $61.1 million.

Domestic cattle prices have crashed as Indonesia’s decision to more than halve its Australian cattle quota left a local oversupply.

“The drought and the continued impact of the federal government’s 2011 suspension of live cattle exports to Indonesia continue to be felt in domestic cattle markets,” Mr Farley said.

“With the biggest herd in Australia, livestock values have a significant impact.”

Rainfall levels in northern Australia were even lower than the 2007 drought, leading to higher feed, water and transport costs, AACo said, as a high Australian dollar eroded wholesale margins.

The company, however, has completed the first stage of a new abattoir in Darwin.

AACo hopes its ability to export meat directly to Asia from next year will insulate it against suppressed domestic cattle prices, as global beef prices remain high.

In another development, AACo has found a local buyer for its 420,000-hectare Brighton Downs Station in Queensland’s central west, almost three years after it went on sale.

Queensland Agriculture Minister John McVeigh has to approve the $11.75 million transaction.

Some 41,186 cattle were sold in the March quarter by AACo compared with 29,646 during the corresponding period in 2012, accounting for the rise in company revenue.

The company has introduced a new reporting system which ends the financial year at the end of March instead of December.

At 1535 AEST, AACo shares were one cent firmer at $1.11.