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Australia's GrainCorp H1 profit triples on record wheat crop
May 10, 2017 / 11:14 PM / 6 months ago

Australia's GrainCorp H1 profit triples on record wheat crop

May 11 (Reuters) - Australia’s largest listed bulk grain handler GrainCorp Ltd said on Thursday its half-year underlying profit more than tripled as record national wheat production underpinned revenue growth.

GrainCorp said its underlying net profit for the six months ended March 31 came in A$100.1 million ($73.6 million), up from A$32.2 million last year.

GrainCorp was boosted by Australia’s record wheat output during the 2016/17 season, supporting the company’s storage and handling segment as well as its trading arm.

Australian wheat production totalled 35.13 million tonnes last year, surpassing the previous record set in the 2011/12 season. ($1 = 1.3600 Australian dollars) (Reporting By Rushil Dutta; Editing by Richard Pullin)

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