Australian bulk grains handler and takeover target GrainCorp Ltd posted on Thursday a 15 percent drop in adjusted full-year net profit after a smaller harvest dented revenues and said it faced a tougher period ahead as drought and frosts affected yields. GrainCorp, the largest grains handler on Australia's east coast, said adjusted net profit totalled A$175 million ($162.7 million) down on the record adjusted net profit of A$205 million reported last year. Analysts' average forecasts were for a net profit of A$173.4 million, according to Thomson Reuters I/B/E/S data.Including one-off costs associated with the acquisition and integration of its oils business and costs in response to Archer Daniel Midland Co's takeover bid, the net profit was A$141 million.ADM's A$3.0 billion takeover bid is awaiting regulatory approval from Australia, China and elsewhere.Some Australian farm groups and politicians have been voicing opposition to the deal, ahead of a mid-December deadline for Treasurer Joe Hockey to make a decision after advice from the Foreign Investment Review Board.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.76% or $0.29/share to $38.36. In the past year, the shares have traded as low as $26.71 and as high as $38.39. On average, 880377 shares of TRI exchange hands on a given day and today's volume is recorded at 497140.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.3% or $0.12/share to $40.06. In the past year, the shares have traded as low as $26.65 and as high as $40.17. On average, 915570 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 829960.
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