November 26, 2008

Australia's ABB grain profit ups six-fold


ABB Grain Ltd., Australia's largest barley exporter, said its full-year profit rose more than six-fold, spurred by higher output and margins for grain marketing and malt.


Net income rose to A$48.8 million, or 31.2 cents a share, in the 12 months ended Sept 30, from A$7.3 million, or 4.9 cents a share, a year earlier, the Adelaide-based company said today (Nov 26) in a statement to the Australian stock exchange. The company said on Oct 17, profit would be between A$47 million and A$49 million.


ABB Grain benefited from a 94 percent increase in grain deliveries last harvest to its depots in Australia and from sales in the Ukraine and New Zealand after it expanded overseas. The company forecast grain deliveries of 4 million to 4.5 million tonnes this harvest, up from 3.5 million tonnes a year earlier.


ABB Grain will give a profit forecast for 2009 at its annual shareholder meeting on Feb 25, it said.


US$1=A$1.549 (Nov 26)

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