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GrainCorp fiscal H2 profit climbs YOY

GrainCorp Ltd. said its normalized net income for the fiscal second half ended Sept. 30 came to 8 Australian cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

EPS climbed year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$18.1 million, a gain from A$7.7 million in the prior-year period.

Total revenue decreased on an annual basis to A$2.09 billion from A$2.11 billion, and total operating expenses decreased on an annual basis to A$2.05 billion from A$2.08 billion.

Reported net income grew on an annual basis to A$10.6 million, or 5 cents per share, from A$1.9 million, or 1 cents per share.

For the year, the company's normalized net income totaled 20 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 21 cents.

EPS rose 24.0% from 16 cents in the prior year.

Normalized net income was A$46.7 million, a rise of 24.3% from A$37.6 million in the prior year.

Full-year total revenue rose on an annual basis to A$4.16 billion from A$4.09 billion, and total operating expenses rose on an annual basis to A$4.12 billion from A$3.96 billion.

The company said reported net income declined year over year to A$31.0 million, or 14 cents per share, in the full year, from A$32.1 million, or 14 cents per share.