Australia: Grain group AusBulk said it had posted a $31.8 million after-tax profit for the six months to March 31 this year. The profit was a 63% increase on the same period last year, AusBulk chairman Max Venning said. Mr Venning said the result, based on revenue of $366m, reflected an improved harvest in 2003-04 which lifted grain receivals from three million tonnes to 6.5 million tonnes, according to The Age.

AusBulk last month announced a $850m merger with fellow grain group ABB Grain. Mr Venning said AusBulk's full-year performance would largely be underpinned by the half-year profit. The interim results also showed the company had $439.3m net assets and revenue of $366.2m, excluding revenue from pool stocks.

AusBulk managing director John Murray said the company's performance was significantly boosted by the 2003-04 harvest, the third largest on record in South Australia. However, both the grain handling division and malting divisions suffered some lag effects from the poor harvest in the previous financial year. "These arose from reduced carry-over stocks and carry revenue and the need to use higher cost drought-season malting barley in the first part of the year," Mr Murray said in a statement.

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