GrainCorp, the largest grains handler on Australia's east coast, said on Thursday a 15 percent drop in adjusted full-year net profit after a smaller harvest dented revenues and said it faced a tougher period ahead as drought and frosts affected yields. The adjusted net profit totalled A$175 million ($162.7 million) down on the record adjusted net profit of A$205 million reported last year. Analysts' average forecasts were for a net profit of A$173.4 million, according to Thomson Reuters I/B/E/S data.
Including one-off costs associated with the acquisition and integration of its oils business and costs in response to Archer Daniel Midland Co's takeover bid, the net profit was A$141 million.
ADM's A$3.0 billion takeover bid is awaiting regulatory approval from Australia, China and elsewhere.
Some Australian farm groups and politicians have been voicing opposition to the deal, ahead of a mid-December deadline for Treasurer Joe Hockey to make a decision after advice from the Foreign Investment Review Board.
GrainCorp is one of numerous Australian agribusinesses to have attracted international interest in recent years, with bidders betting on the country's ability to supply fast-growing Asia with high quality food.
