News: GNC GrainCorp posts half-year profit fall, conditions challenging

SYDNEY, May 11 (Reuters) - Australia's largest listed bulk grain handler GrainCorp Ltd (GNC) on Wednesday reported a half-year profit of A$20.4 million ($15.0 million), down 33 percent from a year ago after it took a hit from restructuring costs.

Underlying net profit came in at A$32 million, down from A$35 million a year earlier, it said.

"It has been a more challenging half for GrainCorp Oils, which has experienced lower crush margins due to high European demand for canola seed off a smaller crop resulting in tighter supply and higher procurement costs," said Mark Palmquist, managing director and CEO, GrainCorp.

GrainCorp said it took $11.8 million in significant items, mainly from restructuring costs in its oils division. ($1 = 1.3563 Australian dollars)