May 8, 2009
ABB Grain expects FY09 profit may reach A$73 million
Australian agricultural firm ABB Grain Ltd. said Friday (May 8) it expects net profit of between A$63 million and A$73 million for the year to September, with its profitability improving despite difficult climatic conditions.
In a presentation to an investment conference, the South Australian-based agribusiness said it expects the global trade in grain to increase by 30 percent over the next 10 years, with global demand for food and agricultural products expected to increase in volume terms this year.
ABB said that, while southeastern Australia experienced good rainfall in late April and there have been "reasonable starting rains" in New South Wales and Queensland states, grain growing areas in Western Australia are still waiting for drought conditions to break.
