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GRAINCORP ON TRACK TO POST $US22MLN ANNUAL NET PROFIT.
SYDNEY, June 1 Asia Pulse - Graincorp Ltd (ASX:GNC) today announced it is on track to post an annual net profit of up to million ($US22.54 million).
The agri-food business also announced it had posted an interim net profit of $19.4 million, almost three times higher than the $6.8 million reported in the previous corresponding period.
"Forecast full year after tax profit remains in the range of -30 million (before RPS dividend is expensed)," Graincorp said.
Graincorp said it planned to focus on effectively servicing the expanding domestic market, increasing the utilisation of its infrastructure assets, continuing to grow earnings from its complementary business units, and reduce its gearing levels.
"We have begun this process of strengthening our Storage and Handling business through a re-categorisation of service levels and a reduction in the number of receival sites," Graincorp managing director Tom Keene said.
He said the company's new network of 250 grain service centres in the eastern states would ensure it focused capital expenditure in places where grower customers prefer to deliver their grain.
Graincorp ...
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Source: HighBeam Research, GRAINCORP ON TRACK TO POST $US22MLN ANNUAL NET PROFIT.