Australia's biggest listed bulk grain handler, GrainCorp Ltd, on Thursday r...
SYDNEY - Australia’s biggest listed bulk grain handler, GrainCorp Ltd, on Thursday reported a larger-than-expected half-yearly loss, as severe drought withers crops in one of the world’s top exporters of commodities such as wheat.
The firm also cut its dividend as it grapples with the fallout from the driest conditions in a century, with its shares falling to their lowest level in five months. The results follow news this week that a suitor had withdrawn its A$2.4 billion takeover bid for GrainCorp after months of due diligence.
Shares in GrainCorp fell almost 7 percent in early trade to hit a five- month low, before paring some of those declines. The broader market rose half a percentage point.GrainCorp is in the middle of a demerger, separating grain processing from its malting works, seeking to make each a more attractive purchase prospect. It is also exploring an insurance deal to smooth out the volatility of its agriculture exposure.
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