Agribusiness Elders says a discrepancy in the valuation of cattle in its live export division amounts to a cost of about $18 million.

Elders said the negative impact of the discrepancy on the company’s underlying net profit for the year to September 30, 2013, is likely to be around the same amount.

“Elders’ senior management does not expect the issue to be of a recurring nature and confirms that senior management does not presently believe the issues will have a material impact on the group’s outlook for future financial periods,” the company said in a statement on Friday.

Elders is continuing to investigate the discrepancy, after notifying the market of the matter on October 1.

The investigation is seeking to verify the financial implications of the discrepancy, analyse the root causes and establish if there has been wrongdoing by any employee.

Elders has retained external legal and financial experts in the conduct of the investigation.

Shares in Elders were steady at 11 cents at 1548 AEST.