For H1FY17, Graincorp Ltd Australian grain harvest and better export volumes drove the stock
Australian grain harvest and better export volumes drove the stock: For H1FY17, Graincorp Ltd (ASX: GNC) reported an EBITDA of $236 million as compared to $134 million in the prior corresponding period (pcp) and consequently drove the underlying NPAT to $100 million from $32 million in H1FY16. The group expects to reach their full year EBITDA estimate of $385-$425 million and underlying NPAT of $130 -$160 million. Importantly, H1FY17 performance was driven by the large Australian grain harvest, better export volumes coupled with the group’s network efficiency efforts and cost management. Further, storage and Logistics segments performed well in response to the significant challenges of the record harvest by developing a modern, efficient network through project regeneration which resulted in average receivals per site rising to 70,000 tons from 40,000 tons last harvest. Management reported that their malt plant expansion in Pocatello, Idaho would become online in July 2017, which will double the available capacity at the site. GNC is also enhancing their sales mix with a better focus on higher margin products and better canola supply drove oil supply with lower procurement costs.
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