AUSTRALIA: GrainCorp posts 74% fall in H1 net profit
Australian bulk grains handler GrainCorp has posted a 74% fall in net profit for the first-half to 31 March to A$9.8m (US$6.4m). GrainCorp, which also forecast a loss for the full year, blamed the prolonged drought in Australia for its poor performance. GrainCorp said revenues were down 20% to $304.7m compared to the year-ago period due to "significantly lower" grain intake cause by the drought conditions, reported Dow Jones International News.
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