GrainCorp H1 profit slides

Group's first-half result weighed down by costs associated with restructure of oil division.

GrainCorp (GNC) has posted a 43.3% decline in first-half profit as costs related to the restructuring of the group's oil division weighed on the group.

In the six months to March 31, GrainCorp posted a net profit attributable to members of $50 million, down from $88.2m in the first half of the previous year.

Profit before significant items came in at $61m, well below analysts expectations of $70m.

Revenue fell 13% to $2.055 billion, from $2.361bn in the previous corresponding period.

The group will pay a fully-franked interim dividend of 15c on July 18 to shareholders on the register at July 4.