May 8, 2019 / 10:34 PM / 18 days ago

Australia's GrainCorp posts first-half loss as drought weighs

May 9 (Reuters) - Australia’s GrainCorp Ltd on Thursday reported a loss for the first half of the year, as a severe drought across the country’s east coast hit production.

The country’s largest-listed bulk grain handler, which had warned of an earnings hit last month, said underlying net loss after tax for the six months ended March 31 came in at A$48 million ($33.56 million), compared to the A$36.1 million profit it reported last year.

Revenue for the period rose 25.5 percent to A$2.49 billion from A$1.99 billion last year. ($1 = 1.4304 Australian dollars) (Reporting by Rashmi Ashok and Shriya Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta and Anil D’Silva)

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