Australian grain company AWB is expected to post a net profit of between A$30m and $40m (US$17.8m-23.7m) for this fiscal year to 30 September, compared with actual profit of A$107.2m last fiscal year.
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“While we aren’t providing a forecast, we don’t substantially disagree with the forecast range” offered by analysts, managing director Andrew Lindberg was quoted by Dow Jones News as saying.
Lindberg attributed the expected drop in profit to the effects of the recent severe drought in Australia. The drought cut wheat production this crop year to 31 March to 10 million metric tons from 24.5 million tons in the previous year.
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