Process Management

News last update:7 Aug 2012

Graincorp suffers from poor grain harvest

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 down 79%.

"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 Queensland.

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