September 5, 2018 / 11:01 PM / 13 days ago

Australia's GrainCorp hikes FY18 underlying profit guidance on strong grain trading

Sept 6 (Reuters) - Australian grain giant GrainCorp Ltd on Thursday raised its full year underlying net profit guidance, helped by strong performance from its international grain trading book and global malt business.

The firm said in a statement it now expects A$60 million ($43.15 million) to A$75 million ($53.93 million) in fiscal 2018 underlying net profit, higher than A$50 million to A$70 million it re-confirmed in May.

GrainCorp conceded, however, that its grains business has experienced “ongoing challenging operating conditions” in eastern Australia. ($1 = 1.3906 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru; Editing by Cynthia Osterman)

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