May 18, 2009
Graincorp H1 net profit A$32 million; plans capital raising
Australian agribusiness GrainCorp Ltd. Monday (May 18) reported a fiscal first half profit of A$32.3 million, swinging from a A$6.5 million loss in the year earlier period ended March 31, 2008.
The latest result was built on a 6 percent increase in revenue to A$858.0 million from A$805.7 million, a rise built on increased receivals of grain into the company's upcountry storage system and volumes through coastal export terminals. The company didn't declare an interim divided.
Full year profit is forecast in a range of A$32 million to A$37 million.
Managing Director Mark Irwin said current prospects for a good harvest later this year are encouraging with conditions in northern New South Wales and Queensland states looking favourable.
GrainCorp also said it plans an equity raising through a placement of up to 9.65 million shares.
The raising includes a A$60 million underwritten institutional placement at a fixed price of A$6.25 a share and share purchase plan.
