GrainCorp has warned its full year profit could drop more than 50 per cent due to smaller crops. Source: AAP
GRAINCORP has warned its full year profit could dive more than 50 per cent due to smaller crops and weaker exports.
THE company is now forecasting an underlying profit of between $45 million and $60 million, down from $95 million in 2014.
It expects earnings before interest, tax, depreciation and amortisation to be between $240 million and $270 million, down from $293 million.Chief executive Mark Palmquist blamed the weaker outlook on a smaller winter crop and reduced exports."We continue to make pleasing progress on our strategic initiatives, with some good cost savings embedded into the business," he said."However, the smaller winter crop on top of low levels of carry means the exportable surplus is almost two million tonnes below average, reducing anticipated port elevations."He said the agribusiness expects to export between 2.5 million and three million tonnes from eastern Australia this year, down from 4.4 million tonnes last year.GrainCorp shares dropped 20 cents, or 1.99 per cent, to $9.87.Anda sedang membaca artikel tentang
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