Australian wheat marketer AWB has reported a higher first-half net profit, driven by larger wheat volumes.
AWB posted a net profit of A$54.1m (US$38.4m) for the six months to 31 March, compared to $29.9m a year earlier.
Managing director Andrew Lindberg said the group is well positioned to achieve its full-year forecast of $110m-120m profit before goodwill amortisation and one-off costs, reported Dow Jones International News.
AWB said domestic wheat production was 25.2 million tons from the 2003/04 harvest, compared to 9.7 million tons in the previous year when the country was hit by severe drought. AWB forecast wheat production of 21-24 million metric tons for the current year, based on normal climatic conditions.