“Trans-shipments of this size are rare, and this emphasises the severity of the drought and demonstrates our ability to adapt to manage these extreme factors,” Mr Palmquist said.
“Our grains business was also negatively impacted by unexpected disruptions to international grain trade flows and Australian grain markets, which caused a rapid and material decline in feed grain values and, in turn, adversely affected our positions,” he said.
The company also warned that the current grain harvest now underway in the eastern states, or about to start, would be significantly below average. The grain harvest in South Australia and Western Australia is also expected to be below average.
GrainCorp remains on track to demerge its malt business from its grain operations, a move that will form two separate ASX-listed agribusinesses.
In response to the results GrainCorp shares fell in early trade on the Australian market, down 2.2 per cent to $7.27 in the first minutes of trade. But the stock started to regain ground and was up 0.7 per cent at $7.48 shortly after 10.30am.