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GrainCorp profit misses consensus by 37.0% in fiscal H1

GrainCorp Ltd. said its normalized net income for the fiscal first half ended March 31 amounted to 13 Australian cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

EPS decreased 43.2% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$29.9 million, a decline of 43.5% from A$52.9 million in the year-earlier period.

Total revenue fell year over year to A$1.98 billion from A$2.06 billion, and total operating expenses decreased 5.0% year over year to A$1.88 billion from A$1.98 billion.

Reported net income declined 39.6% on an annual basis to A$30.2 million, or 13 cents per share, from A$50.0 million, or 22 cents per share.