October 20, 2008


Australia's ABB Grain guide on year profits


Grain supplier and marketer ABB Grain Ltd (ASX: ABB) has raised its annual profit guidance range to between A$47 million (US$32.57 million) and A$49 million (US$34 million), citing above-budget performances across various sectors.


The upgraded guidance compares to the previous forecast range of between A$33 million (US$22.9 million) and A$38 million (US$26.37 million) issued in May.


ABB managing director Michael Iwaniw said in a statement the performance by ABB Grains marketing division in the second half was especially good, consolidating its performance form the first half of the year.


He added that the expansion of ABB's activities in Ukraine and New Zealand had contributed to the better profit forecast, the second revision this year.


The company's original profit guidance was between A$30 million (US$20.8 million) to A$35 million (US$24.27 million).


ABB will report its full year results on Tuesday, 25 November 2008.


Shares in the company gained 42 cents, or 6.1 percent, to A$7.30 (US$5.06) by 1216 AEDT.

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