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RAIL industrial disputes in Victoria cost GrainCorp more than $20 million this year.
Managing director Mark Palmquist said the grain company also had a higher road freight bill due to the disputes as it tried to maintain its shipping program after last season;s record Australian winter crop. He said the industrial disputes with its main rail provider “required us to have a less efficient use of our rail contracts”
He was speaking on the release of GrainCorp’s financial results for the 12 months to September 30 this year.
A big grain harvest and good performance from its malt division reaped GrainCorp a healthy underlying net profit after tax of $142 million.
GrainCorp’s profit was a 168 per cent increase from last season’s full-year underlying NPAT result of $53 million.
After significant items of $16.4 million in relation to sales of three underperforming malthouses in Germany and a restructuring of its oilseeds division, GrainCorp reported a statutory NPAT of $125.2 million.
But the company has already foreshadowed a “challenging year ahead” with a much smaller crop already being harvested.
The Queensland winter crop harvest is almost complete with a meagre 534,000 tonnes received by GrainCorp out of forecast production of 1.7 million tonnes after a dry season. The NSW crop is also expected to be smaller than normal.
Mr Palmquist said GrainCorp benefited from increased storage, handling and merchandising opportunities helped by the large harvest.
Revenue from the storage and logistics business division increased 66.7 per cent to $665 million, highlighting the impact of the larger crop.
GrainCorp will pay a final dividend of 15 cents a share on December 14 on a record date of November 30, taking the full-year dividend to 30 cents.
The share price fell 4.6 per cent on release of the 2016-17 financial results, from an opening price of $8.55 to $8.13 in early trading Tuesday.
This article first appeared on www.weeklytimesnow.com.au
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