May 14, 2014 / 11:13 PM / 4 years ago

GrainCorp H1 profit slides 43 percent on poor harvest

SYDNEY , May 15 (Reuters) - Australia’s largest listed agribusiness GrainCorp posted a 43 percent fall in first-half net profit on Thursday as poor seasonal conditions across the country’s east coast curbed production.

GrainCorp said its net profit for the six months to March 31 was A$50 million ($46.9 million), down from A$88.2 million a year ago. Most analysts do not forecast half year profits, but Thomson Reuters I/B/E/S consensus forecast pegs the company’s full-year net profit at a four-year low of A$93 million, down from A$174.5 million a year ago.

The bulk grain handler attributed the fall in first-half earnings to a smaller grain harvest from Australia’s east coast, where it has most of its business.

$1 = 1.0671 Australian Dollars Reporting by Colin Packham, Editing by Jane Wardell and Richard Pullin

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