Graincorp Limited
(ASX:GNC) has posted a substantial decline in for the first half of the financial year, with net profit falling to $88.2 million, down from $122 million a year ago.
The company says it’s been hit by acquisition costs and the cost of defending itself from the initial takeover bid received from Archer Daniels Midland.
It comes after Graincorp agreed to a takeover offer from ADM at $13.20 per share.
Graincorp says the result reflects the return of the grain crop to a more normal size after drought-breaking rains and remains positive for the remainder of the year saying grain receivals are expected at 10 to 10.5 million tonnes.
The company has declared an interim dividend of 25c per share.
