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News 173 views last update:6 Aug 2012

ABB Grain improves profit with 80%

ABB Grain has posted a half-year profit of $33.6 million, an almost 80 per cent improvement on the same time a year ago. The company has upgraded its full year profit forecast by $3 million according to the company managing director Michael Iwaniw.

He says the company's main business divisions, including malt and grain marketing, played a vital role in the strong results. "We have adopted a vertical integrated business model in our objective to become Australia's premier integrated agribusiness," he said.

"We are continuing to build that model, we believe that model is a successful business model for agriculture and we believe that it will enable us to become the number one player in the agricultural space in Australia."

ABB is forecasting a better second-half profit of up to $38 million.

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