Elders will explore new markets to export live cattle as uncertainty continues to hang over Indonesia.

Elders chief executive Malcolm Jackman said the federal government's monthlong ban on live cattle exports to Indonesia in June had a ''significant impact'' on the agribusiness.

''We are seeing new business opportunities in places like Russia, Kazakhstan, Pakistan and Qatar,'' he told shareholders at the company's annual general meeting on Tuesday.

Jackman, however, said Elders' order book for live exports was full for this financial year.

Chairman John Ballard said profits in the first two months of the financial year were within expectations, after a $395.3 million loss for the year to September, largely due to the company's exit from forestry.

''For Elders shareholders, the cash and profit payback from our forest investment is now too far away and too small to justify retention,'' he said, adding the company's exit from forestry would reduce its debt and interest.

Ballard said the company expected to post an improved financial result in 2012.

Elders shares hit a 2011 high of 68 cents in February, but now sit at 25 cents.

Elders posted an improved underlying profit before interest and taxes of $33.7 million, up from last year's comparative of $2.6 million, reported the Sydney Morning Herald.