Graincorp Limited (GNC) recorded a post tax profit after tax of $63.2 million for the financial year compared to a loss of $19.9 million for the previous year. GrainCorp managing director, Mark Irwin, said the company would provide profit guidance in February next year, however was expecting to receive between 8 million and 9 million tonnes of winter and summer grains for the year.

“This is a reduction from last financial year, and demonstrates the impact of continued drought conditions in parts of eastern Australia,” Mr Irwin said.

“This financial year we are expecting to elevate between 3 and 4 million tonnes of export grain for customers, and between 0.9 and 1.4 million tonnes of non-grain exports, at our port terminals.”

Looking to the current results, EBITDA increased from $51.3 million to $165.2 million reflecting the higher grain receivals and exports.

Grain exported through GrainCorp ports exceeded 5.2 million tonnes over the year, up from 1 million tonnes in the prior year.

”This was due to increased grain production resulting in a greater exportable surplus as well as aggressive export programmes by multiple exporters following the first year of bulk wheat export deregulation,” the company said.

The grain handler also reported the lowest debt to equity ratio in the sector, while the $198 million in fresh equity raised earlier in the year allowed the company to purchase Canada Malting Company, Bairds Malt, Great Western Malting and Barrett Burston Malting, virtually doubling the size of the company.

At 1034 AEDT, Graincorp shares were down 5c to $6.31.