SYDNEY, AUSTRALIA — GrainCorp said on May 16 that net profit for the first half of the year was A$88.2 million, a 34% drop from the A$133.7 million reported in the same period a year earlier.
GrainCorp has agreed to a A$13.20 per share bid from Archer Daniels Midland Co. 
Revenue for the first half of the year was up 40% to A$2.36 billion, following the acquisition of the Gardner Smith and Integro businesses.
GrainCorp Managing Director and Chief Executive Officer Alison Watkins said the result reflected the eastern Australian harvest returning to a more typical size, an above-average carry-in and a solid performance from the company’s processing businesses, including GrainCorp Malt and the new GrainCorp Oils business.
“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,” 
Watkins said. “I’m also pleased to report we continue to make good progress on the strategic initiatives we announced in November.”
GrainCorp reported a drop in grain receivals to 9.7 million tonnes from 11.6 million tonnes a year earlier. Grain exports were down to 4.3 million tonnes versus 5 million tonnes last year, and grain in storage was down to 4.3 million tonnes from 6 million tonnes in 2012.
“Our Storage & Logistics team has maintained a firm market share of a smaller crop, with country receivals of 9.7 million tonnes for the half,” Watkins said. “Our substantial pre-harvest investment in mobile grain receivals equipment improved delivery and turnaround times at our sites and generated very positive grower feedback. GrainCorp’s ports have also handled a significant export program, elevating 5.1 million tonnes of grain and other commodities during the half.