SYDNEY , May 15 (Reuters) - Australia’s largest listed agribusiness GrainCorp posted a 43 percent fall in first-half net profit on Thursday as poor seasonal conditions across the country’s east coast curbed production.
GrainCorp said its net profit for the six months to March 31 was A$50 million ($46.9 million), down from A$88.2 million a year ago. Most analysts do not forecast half year profits, but Thomson Reuters I/B/E/S consensus forecast pegs the company’s full-year net profit at a four-year low of A$93 million, down from A$174.5 million a year ago.
The bulk grain handler attributed the fall in first-half earnings to a smaller grain harvest from Australia’s east coast, where it has most of its business.
$1 = 1.0671 Australian Dollars Reporting by Colin Packham, Editing by Jane Wardell and Richard Pullin