GRAINCORP'S first half profit has fallen by 34 per cent due to costs from its purchase of several food companies and its response to a takeover offer from the United States.
Australia's largest grain handler is currently working with food giant Archer Daniels Midland to complete a $3 billion takeover.
Graincorp said on Thursday it made a net profit of $88 million in the six months to March 31, down from $133.7 million in the same period last year.
The result included $20 million in costs related to Graincorp's response to ADM's takeover offer, plus the company's acquisition of the Gardner Smith and Integro food oils businesses.
Underlying profit, which excludes those costs, was $108 million, down 11 per cent from $122 million in the previous corresponding period.
Chief executive Alison Watkins said the result reflected the eastern Australian harvest returning to a more typical size after several bumper seasons.
The new oils business delivered more than $400 million in additional revenue, contributing to total revenue to $2.4 billion in the six months to March, up 40 per cent from the previous corresponding period.
"Another positive first half performance demonstrates the benefits of GrainCorp's diversification strategy, as grain receivals returned to more normal levels following two very large harvests," Ms Watkins said in a statement.
ADM's due diligence procedures have been completed and management is working with the US company to progress the takeover bid, Graincorp said.
It declared a fully franked interim dividend of 25 cents per share, which included a five cent special dividend.
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