Graincorp sees net loss after tax of $59 million for the half year

Company News

by Rachael Jones

GrainCorp (ASX:GNC) has reported an underlying net loss after tax of $48 million for the half year. Net profit after tax for the half year last year was $36 million.

The statutory net loss after tax was $59 million.

Underlying EBITDA for the half year ended 31 March 2019 of $27 million, last half year was $119 million.

GrainCorp Chief Executive Officer Mark Palmquist says these results reflect a particularly challenging period in grains and oilseeds, including severe drought conditions in eastern Australia and grain trade conditions.

They expect continued demand for Malt products in the 2019 northern hemisphere summer but challenging conditions in eastern Australia to continue in the second half.

Planting for the winter grain crop is well underway in eastern Australia, however it is too early in the season to forecast grain production levels and the potential implications for GrainCorp.

Shares in GrainCorp (ASX:GNC) closed 2.21 per cent lower at $7.97.