GrainCorp Limited
(ASX:GNC) has posted an interim profit drop but confirmed it remains on target to reach its annual guidance.
The grain handler’s net profit fell almost 40 per cent to $30 million over the six months to the end of March while revenue dipped 3.9 per cent to $1.9 billion.
Managing Director and CEO Mark Palmquist says good performances by GrainCorp Malt and GrainCorp Oils helped offset the leaner period for the grains businesses.
Mr Palmquist believes this highlights the need for earnings diversification.
Over the full year the company expects to generate an operating profit of between $45 million and $60 million and EBITDA between $240 million and $270 million.
A fully franked interim dividend of 7.5 cents per share has been declared.
