The chief executive of GrainCorp, the biggest grain handler on Australia’s east coast, has criticised the short-termism of Australian investment markets after a profit dive caused by a global supply glut stripped $180 million from the group’s sharemarket value.
Robert Spurway said GrainCorp had been operating for 110 years, going through countless agricultural cycles, and it was likely that the low point in this cycle had been reached in the six months to March 31, where net profit dived 92 per cent to $4.6 million.
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