November 25, 2009

GrainCorp swings back to profit in 2008-09

Australian agribusiness GrainCorp Ltd. reported a net profit for fiscal 2008-09 of A$63.2 million on the back of improved seasonal conditions, swinging from a loss of A$19.9 million in the previous fiscal year ended September 30, 2008.

The company issued guidance on October 6 that profit would settle in a range A$60 million to A$63 million, while brokerage RBS Morgans forecast Monday a figure of A$61.7 million.

The 2008-09 profit was built on 13-percent growth in revenue to A$1.73 billion from A$1.53 billion in fiscal 2007-08. The company declared a final dividend of 7.27 Australian cents a share for 2008-09; it didn't pay a dividend in fiscal 2007-08.

US$1 = A$1.08035 (Nov 25)