Australia's largest listed bulk grain handler GrainCorp Ltd (ASX: GNC) recently announced an underlying net profit after tax of $142 million, a 168% increase on last year's report. The profit was in line with the range of the company's forecast of $130 million to $160 million.
Revenue for the period was also up, with an increase of 10% to $4.58 billion due to favourable weather conditions.
Despite the good results, CEO Mark Palmquist announced expected declines in grain production this financial year due to dry weather forecasts across eastern Australia. With 60% of company revenues stemming from storage and handling across the east coast, this will make a dent in earnings in FY18.
GrainCorp declared a final dividend of 15 cents per share for the period and shares were down 5% in Tuesday's trade.
