Graincorp Limited’s (ASX:GNC) profit for the first half to March has dropped to $61 million this year from $109 million last year.
The grain logistics company lifted earnings in the period to $166 million but blames the profit slide on lower crop and refining volumes.
Executive Chairman Don Taylor said its storage and logistics business earnings were affected by smaller crops. Lower grain receivables meant local demand reduced the amount of grain available for export.
A fully franked interim dividend of 15 cents per share was declared by the board to be paid on July 18.
The company says full year earnings guidance from February will be maintained with a profit of $275 - $315 million expected.
The market is yet to respond to the news, Graincorp last traded at $8.93.
