Graincorp: $ 59m losses due to drought
Australia’s largest bulk grain handler, Graincorp, posts $?59m loss due to drought.
ABC Rural reports that Australia’s largest bulk grain handler, Graincorp, has posted a $ 59 million half-year loss, with the drought bringing down production and impacting business. Eastern production is down by about 45 per cent compared to last year.
In the same period last year, Graincorp recorded a profit of $ 36 million. GrainCorp said it expects the challenging conditions in eastern Australia to continue in the second half of the year.
See also: Australia’s drought through the lens
Drought conditions
2018 was a very bad year for Australia due to the worst drought in living memory. Rainfall was below average, particularly in New South Wales, where it was the 8th driest winter on record and the driest since 2002. Almost 60% of Queensland needs more rain. And NSW is worse. 99% of the state was experiencing drought conditions. In the shorter term, the spring outlook is not suggesting there is relief in sight for either rainfall or temperatures over the next few months.
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