(Adds details, CEO quote)
April 8 (Reuters) - Australia's Graincorp (GNC) said on Friday it expects underlying profit for fiscal 2022 to be around 2.5 times that of last year, as it benefits from global supply constraints stemming from the conflict in Ukraine.
The agribusiness firm said it expects annual underlying net profit after tax of A$310 million ($231.82 million) to A$370 million, up from its previous forecast of A$235 million to A$280 million and higher than the A$139 million reported last year.
"The conflict in Ukraine and resulting trade disruptions in the Black Sea region have created uncertainty in global grain markets, with buyers looking for alternate sources of supply," Graincorp Chief Executive Officer Robert Spurway said, adding that buyers have turned to Australian grains to fill the gap in supply.
The company also pointed to higher export supply-chain margins and a good crop season for its higher profit outlook.
Graincorp said its ports were operating at nearly full capacity, despite flood-related disruptions in Australia's east coast.
Processing business was also performing strongly, with oilseeds benefiting from strong global demand for crude and refined vegetable oils, the company added. ($1 = 1.3373 Australian dollars)
News: GNC UPDATE 1-Australia's Graincorp raises profit forecast on Ukraine conflict-led supply woes
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