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Australian AWB doubles profits

Grain marketing group AWB in Australia doubles profit for the year ended 30 September 2008.

The profit went up to $64.3 million, up from $27.1 million the year earlier and well above market expectations.

Revenues were up 46.5 per cent to $6.84 billion as rain boosted crop and livestock production in many parts of Australia. The former Australian Wheat Board now competes with 18 other grain marketing companies since the export industry was deregulated on June 30.

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