February 26, 2009
ABB Grain expects better underlying profit in 2009
Leading Australian agribusiness ABB Grain is expecting an underlying net profit after tax of A$63-73 million for its 2008-09 fiscal year.
The profit forecast is before a one-off cost of A$3.5 million after tax associated with merger activity.
ABB Grain's net profit reached A$48.8 million for the year ended September 30, 2008, with its profit guidance subject to sales and shipping volumes and market conditions.
ABB Grain managing director Michael Iwaniw said the guidance indicated a strong performance despite low volumes of grain receivals after a poor harvest in South Australia.
ABB Grain also announced on Wednesday (Feb 25) that it intended to acquire New Zealand's largest stockfeed maker NRM from Tegel Foods for A$31.7 million,
US$1 = A$1.53899 (Feb 26)
