Jun 23, 2017 Last Updated 8:22 AM, Jun 23, 2017

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Graincorp expects double profit after record harvest

soilAusBNAusBN - Grain marketing group Graincorp (ASX:GNC) hope to see full-year earnings and underlying profit dramatically increase after a bumper harvest in Eastern Australia. 

The public-listed company has issued 2017 guidance for underlying earnings of between AUS$385-425 million, up from $256 million the previous year.

The nation’s biggest listed bulk grain handler also said net profit before significant items would rise from $53 million in 2016 to between $130-160 million.

 Amid the announcement of these promising projections at an AGM meeting, chairman Don Taylor also revealed he will retire from the position on 1 March.

“Over the years we have grown GrainCorp from a series of state-based grain-handling authorities into a diversified global agribusiness and a major economic generator in regional communities around Australia, New Zealand, North America, the United Kingdom and Europe,” said Taylor.

“GrainCorp is in excellent shape, with world-class assets, strong cashflows and a healthy balance sheet — there is cause for great optimism as we look to the future.”

@AusBNOnline

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