Grains handler and marketer GrainCorp Ltd posted a $53 million half year profit from $32 million last year and will pay an interim dividend of $0.15 per share.

GrainCorp interim chief executive Ian Wilton said, "This is a strong result for the company and it highlights the contribution of the malt business to earnings. The aim of the acquisition of United Malt Holdings was to reduce earnings volatility. This was successfully achieved with the $58 million contribution to EBITDA from malt, in line with expectations."

GrainCorp acquired UMH for $757 million in November 2009 to strengthen GrainCorp's core business, reduce the seasonal volatility of earnings and support long-term growth.

The company said it is adjusting its full year earnings before interest, tax, depreciation and amortisation (EBITDA) guidance to between $190 and $210 million and expect a full year net profit after tax (NPAT) of between $75 and $90 million.

Wilton said good rain should boost yields, with farmers taking advantage of good subsoil moisture conditions.

"The forecasters also predict that current grain prices will encourage growers to change their crop mix, planting less barley, more canola and pulses, and about an average area of wheat," said Wilton. "Should growing conditions remain favourable up to harvest, we expect the coming season will be a positive one for growers and GrainCorp."

Wilton also expressed confidence that recent significant devaluation of the Australian dollar will increase the international competitiveness of Australian grain.