PrimeAg Australia Limited (ASX:PAG) says it has settled $2.2 million of an insurance claim with Pacific Underwriting Corporation.

The claim relates to damage caused by the Queensland floods in December 2010.

PrimeAG incurred a total of $2.5 million in damage due to heavy rain falling across southern and central Queensland.

The farming group has also been impacted by falling commodity prices and a high Aussie dollar.

 

PrimeAg generated as a net profit of $5 million for the 2012 financial year.