Grain exporter and bulk handler GrainCorp today posted its 2011 half‐year net profit after tax of $88 million, up $35 million or 66 per cent from the prior year.

The company also announced a $0.15 interim dividend and a $0.05 special dividend.

GrainCorp CEO and Managing Director Ms Alison Watkins said, “This is a very pleasing result, as it follows the largest, but also the most challenging harvest in the company’s history. Harvest grain receival activities were disrupted by rain, and flooding in the New Year had a significant effect on both the domestic and export supply chain activities.

“Earnings from grain handling and marketing were all higher due to the record eastern Australian winter crop harvest, high grain receivals, an increase in the tonnage of grain marketed, and improved productivity.

“Malt business earnings were marginally lower in a challenging environment characterised by unfavourable foreign exchange rates (high Australian and Canadian dollars) and continued soft beer demand in mature markets.”

Ms Watkins said, Graincorp is increasing its full year EBITDA guidance from $275 to $310 million to between $310 and $340 million. The company expects a full year NPAT of between $145 and $165 million, up from $115 to $135 million.

On the payment of the dividends, Ms Watkins said, “The GrainCorp Board has decided to pay a fully franked interim dividend of 15 cents per share and a fully franked special dividend of 5 cents per share.

The GrainCorp dividend policy is to pay between 40 and 60 per cent of net profits across the business cycle,” she said.