GrainCorp Profit Drops 36% on ‘Challenging’ Global Conditions
- Shares slide 4.6% for biggest decline since November 2013
- Hot, dry weather affecting crops in eastern Australia
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GrainCorp Ltd., the biggest crop handler in eastern Australia, said full-year earnings fell 36 percent amid “challenging conditions” in global grain markets.
Net profit after tax was A$32 million ($23 million) in the year to September 30, based on unaudited results, compared with A$50 million a year earlier, the Sydney-based company said Tuesday in a Audited results will be released on Nov. 12, it said.