GrainCorp expects to return to profitability this year

GrainCorp was expected to return to profitability in the current financial year, issuing a profit guidance range of A$23-28 million, based on the assumption that current business conditions prevail.

The profit forecast reflects increased winter crop receivals, solid yield projections for the 2009 sorghum crop, and income from logistics management, said GrainCorp Managing Director Mark Irwin.

Irwin said that grain exports handled through GrainCorp port terminals in Queensland and New South Wales had reached 1.04 million tonnes year-to-date, up from the 800,000 tonnes handled in the previous financial year.

Irwin also noted that GrainCorp had exported more than 500,000 tonnes of bulk wheat since October last year.

GrainCorp lost A$19.9 million in 2007-08 due to the drought.

US$1 = A$1.54384 (Feb 26)