Aussie commodity trader GrainCorp falls as weak conditions prompt outlook cut

Graincorp

06/05/2024 02:08

** Shares of Australian commodity trader GrainCorp  GNC.AX 
fall as much as 8.4% to A$7.70, their biggest intraday pct drop
since Feb 14
    ** Stock among top five losers in the ASX 200 benchmark
index  .AXJO 
    ** Co cuts FY24 EBITDA view to between A$250 mln ($165.25
mln) and A$280 mln from prior view of A$270 mln-A$310 mln
    ** FY24 underlying NPAT outlook cut to between A$60 mln and
A$80 mln from A$65 mln-A$95 mln
    ** Says operating conditions and outlook leading into 2H24
have softened, logs weaker-than-expected margins and volumes in
April
    ** Expects to report 1H24 EBITDA of A$164 mln, below last
year's A$383 mln, with underlying NPAT expected at A$57 mln vs
A$200 mln last year
    ** GrainCorp stock up 15.4% this year, as of last close

    ($1 = 1.5129 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))