Australia's Graincorp eyes best day in six months on profit forecast hike
10/08/2022 01:33
** Shares of Graincorp Ltd GNC.AX surge as much as 9.6% to
A$8.37 in their biggest intraday pct gain since Feb. 7
** GNC raises annual profit forecast for second time,
continuing to capitalise on a supply crunch from the war in
Ukraine, aided by expectations of above-average East Coast
Australian crop urn:newsml:reuters.com:*:nL4N2ZL4H8
** GNC expects FY22 underlying NPAT between A$365 mln
($254.08 mln) and A$400 mln, up from prior forecast of A$310 mln
to A$370 mln
** "Positive outlook is driving an increase in
fourth-quarter activity and supporting export volumes, forward
contracted grain sales and supply chain margins," - CEO Robert
Spurway
** Stock down 6.3% this year, as of last close
(Reporting by Harish Sridharan in Bengaluru)
((harish.sridharan@thomsonreuters.com))