May 23, 2012

GrainCorp profit up due to record grain exports

Due to record grain exports, GrainCorp's half year profit has soared.

The company says its "strong result" has come from its storage, transport and port export businesses.

GrainCorp's net profit after tax for the second half of 2011 jumped 39% to US$122 million.

GrainCorp's ports handled a record five million tonnes of grain during the six-month period, despite problems earlier in the year with flooding in NSW.

Its marketing business was also strong, putting nearly four million tonnes through the books and delivering it to customers.

The company will pay a 15% per share special dividend to its shareholders, along with its usual US$0.15 interim dividend.