ABB Grain Ltd increases profit guidance; net profit of A$47-A$9 million
Australian agribusiness ABB Grain Ltd. (ABB.AU) Friday increased its profit guidance for the fiscal year ended Tuesday, 30 September 2008, reflecting an especially good performance by its marketing division.
The company now sees fiscal year 2007-08 net profit in a range of A$47 million ($US32 million) to A$49 million (US$33 million), up from May guidance of a range of A$33 million (US$22 million) to A$38 million (US$26 million).
Managing Director Michael Iwaniw said in a statement that the profit revision comes from above-budget performance across the company's various business sectors, with operations in Ukraine and New Zealand revising up a profit forecast for the second time in 2008.
He said operations in Ukraine allow the company to supply regular customers in the Middle East and Asia with grain, while increased demand from the New Zealand dairy industry for supplements has increased profits.