Australian grain handler, GrainCorp Ltd
(ASX:GNC) has released its full year results for the 2016 financial year.
The company reported that its statutory NPAT was $31 million (which is a $1 million drop compared to its FY15 result). GrainCorp says this result was affected by a “smaller crop in eastern Australia”, which resulted in lower grain production. In addition, the company says the result was affected by a global oversupply of grain.
GrainCorp reported that its malting business performed well due to increasing demand for craft beer, and a growing distribution in the United States. Its earnings rose 15% to $161 million, with the company selling 1.3 million tonnes of malting barley.
However, the company’s oil business fell 16% to $61 million because a tough dairy market affected sales of its infant formula.
GrainCorp declared a fully franked final dividend of 3.5 cents per share. This takes its total FY16 dividend to 11 cents per share.
