GrainCorp upgrades profit forecast

GrainCorp has increased its 2009 net profit forecast by as much as 50% as demand from new bulk and wheat exporters generated a better than expected level of grain receivals.

GrainCorp now expects after tax profit for the year ending September 30 to be $53m-$63m, compared with an earlier forecast of $37m-$42m in May.

Grain receivals were on target to exceed 9.5m tonnes this year and export tonnages were poised...

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