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.

The fall in revenue was partially offset by the disposal of an equity investment in wheat marketer AWB and an increase in marketing revenue.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 47% to $42.2m.

The company has forecast full-year grain intake of 1.9 million metric tons, compared to 12 million tons in the previous year.