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GrainCorp profits up
28 May 2004
Graincorp has announced an interim net profit of $12.5 million, an increase of 28 per cent over the same period last year. This was on the back of receivals of 11.1 million tonnes compared to only 1.8 million tonnes last year.
Also contributing to the result was the acquisition of Grainco Australia late last year which is expected to reduce costs through merger benefits by over $10 million. Also Allied Mills is undergoing a restructuring program with staff levels already reduced from 800 to 600 along with adjusted product lines.
A special half-year dividend of 10c per share has been announced as well as the interim dividend of 17c per share. Graincorp shares closed yesterday at $12.00, up 55c.
Sydney Morning Herald, 28/5/04.
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