ABB Grain: advises revised profit upgrade

Adelaide / AU. (abb) Australia´s leading agricultural company ABB Grain Limited announced a revised profit guidance for its 2008 full-year result, increasing the range to between 47 million AUD and 49 million AUD net profit after tax NPAT (This revised profit guidance is subject to completion of accounts and final audit). The upward revision compares to a previous upgraded forecast on May 27 of between 33 million AUD and 38 million AUD (NPAT). Managing Director Michael Iwaniw said the revised profit guidance was the result of above-budget performances across the company´s various sectors. «The performance by ABB Grain´s marketing division in the second half was especially good, consolidating its performance from the first half of the year», he said. «As well, the expansion of ABB Grain´s activities in Ukraine and New Zealand has contributed to the better profit forecast, the second revision this year. As part of its New World Grain joint venture with Soufflet, ABB is now actively exporting grain from Ukraine. The advantage of investing in the Ukraine is that ABB is able to supply its regular customers in the Middle East and Asia with more grain, especially given the recent harvest in Ukraine, the largest in almost two decades». In New Zealand, increased demand for importation of supplements for the dairy industry (palm kernel expeller, tapioca, soya and canola) is also contributing to the company’s improved profit forecast. ABB Grain´s full year results will be announced on November 25 (source).