ABB Profits Decline

SYDNEY - May 28/07 - SNS -- ABB Grain Ltd reported an after tax profit of AUD$18.8 million on revenue of $625.1 for the six months ending March 31, compared to a net of $44.8 million on revenues of $580 million during the first half of the previous fiscal year.

Based on the results, the company is paying a fully franked dividend for B-class share-holders of 5.0 cents per share on July 4 to shareholders of record as of June 15.

Commenting on the drop in profits, ABB managing director Michael Iwaniw said, "Obviously we couldn't escape Australia's most devastating drought in 25 years but the worst effects have been offset by strong malt and grain marketing earnings.

"Despite some very tough conditions last harvest – resulting in the lowest volume of receivals in South Australia for 25 years – this result reflects a significant improvement over comparable low receivals years experienced before our merger in 2004 with AusBulk."

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