November 14, 2018 / 10:54 PM / a month ago

Australia's GrainCorp annual profit withers amidst east-coast drought

Nov 15 (Reuters) - GrainCorp Ltd, Australia’s largest listed bulk grain handler, said on Thursday its annual underlying net profit fell 50 percent, hurt by the drought in the eastern coast.

The company said underlying net profit came in at A$71 million ($51.37 million) for the year to Sept. 30, down from A$141.6 million the previous year and within the company’s forecast range of A$60 million to A$75 million.

The board declared a final dividend of 8 Australian cents per share for the period, down from 15 Australian cents last year. ($1 = 1.3822 Australian dollars) (Reporting by Ambar Warrick and Aby Jose Koilparambil in Bengaluru; Editing by Sandra Maler)

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