Takeover target Graincorp Limited’s
(ASX:GNC) underlying annual profit has fallen 15 per cent to $174.5 million as it continues to be pursued by US grain giant, Archer Daniels Midland.
The grain handler’s net result was impacted by costs associated with the proposed takeover and integration charges relating to its oil business.
CEO Alison Watkins says the overall result reflects strong grain volumes, above average grain exports and carry-in and the benefits of the company’s diversification strategy.
Ms Watkins has also been pleased by the positive contribution from GrainCorp Oils in its first full year and the returns from other downstream businesses.
A decision on Archer Daniels Midland proposed $3.4 billion takeover is expected by the Australian Government on December 17, 2013.
A fully franked final dividend of 20 cents per share has been declared.
