01.
11.18
12:47

Profit warning at Graincorp - there are threats of dismissals

Graincorp in eastern Australia has been forced to lay off some of its staff after the crop harvest in the east of the continent suffered a catastrophic drought this year.
The company is Australia's largest grain trader and must reduce its personnel for cost reasons. The dryness in New South Wales reduces crop production by half this year, compared to the 20-year average.
Graincorp had previously raised its taxable earnings forecast for 2018, but now expects economic problems for its grain business in the East.
The company's stock fell 1.8% today after the profit warning.

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