News: UMG Australia's GrainCorp swings to first-half profit

May 14 (Reuters) - Australia's GrainCorp Ltd (GNC) said on Thursday higher rainfall boosted the bulk grain handler's output, helping it post a first-half profit in its first results after the demerger of its malting division.

Underlying net profit after tax came in at A$55 million ($35.46 million) for the six months ended March 31, compared with a loss of A$48 million reported last year.

The company did not declare a dividend for the half-year.

($1 = 1.5511 Australian dollars)