(Adds CEO comments, details)
May 11 Australia's largest listed grain handler
GrainCorp Ltd said on Thursday its half-year underlying
profit more than tripled and reaffirmed its full-year forecast,
as a record wheat crop underpinned revenue growth.
GrainCorp said its underlying net profit for the six months
ended March 31 came in at A$100.1 million ($73.6 million), up
from A$32.2 million last year.
The grain handler reaffirmed its full-year underlying net
profit forecast of A$130 million to A$160 million.
Revenue rose during the first half to A$2.46 billion from
A$2.07 billion last year.
GrainCorp was aided by record Australian wheat production
during the 2016/17 season, supporting the company's storage and
handling segment as well as its trading arm, which accounts for
nearly 60 percent of the group's revenues.
"Our storage and logistics team performed very well in
response to the significant challenges of the record harvest and
compressed export program," GrainCorp chief executive Mark
Palmquist said in a statement.
The 2016/17 season's wheat output of 35.13 million tonnes
was Australia's largest-ever, surpassing a previous record set
in the 2011/12 season.
Graincorp's annual profit dipped in 2016 due to
restructuring costs and smaller grain production.
($1 = 1.3600 Australian dollars)
(Reporting By Rushil Dutta; Editing by Richard Pullin)