Australia's Graincorp hikes annual profit forecast again amid high demand (updated)
10/08/2022 24:00
(Adds details, background)
Aug 10 (Reuters) - Australia's Graincorp GNC.AX on
Wednesday raised its annual profit forecast for the second time,
as the agribusiness firm continues to reap the benefits of a
supply crunch from the war in Ukraine, aided by expectations of
above-average East Coast Australian (ECA) crop.
The company said it now expects fiscal 2022 underlying net
profit after tax to be A$365 million ($254.08 million) to A$400
million, compared with its earlier forecast of A$310 million to
A$370 million, up significantly from A$139 million reported last
year. urn:newsml:reuters.com:*:nL1N2UH0G2
The agribusiness and processing businesses were on track to
deliver record financial results, the company said, adding its
supply chains were operating at close to full capacity to export
grains.
Graincorp sees above-average ECA crop in year 2022/23,
which, combined with a favourable three-month rainfall outlook,
sets the company up for an upbeat fiscal 2022.
Australia, the world's sixth-largest wheat exporter, is set
to ship a record volume this year as buyers look for suppliers
to replace cargoes from Russia and Ukraine.
($1 = 1.4364 Australian dollars)
(Reporting by Shashwat Awasthi and Savyata Mishra in Bengaluru;
Editing by Krishna Chandra Eluri)
((Shashwat.Awasthi@tr.com))