A poor harvest is being blamed for a big slump in first half profit for
Australian grain handler Graincorp.
The company has reported an after-tax profit of AUS$5.5 million, 71% down on
the same period last year. Managing Director Tom Keene says grain receivals were
"A big drop from 10.4 million tonne the previous year to 2.2 million
tonne this last harvest reflects general conditions right throughout the
countryside on the east coast of Australia so [it is] no surprise that our
results were impacted as well. "Consequently we're forecasting a loss for the
year of 20 to 23 million dollars, but an improvement on what we thought six
months ago," he said.
Mr Keene says conditions are looking up this year
in New South Wales and Victoria but more rain is needed in
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