Sydney - Friday - October 17: (RWE Australian Business News) -...

Sydney - Friday - October 17: (RWE Australian Business News) -
ABB Grain Ltd (ASX:ABB) today announced a revised profit guidance for
its 2008 full-year result, increasing the range to between $47m and $49m
net profit, compared with a previous upgraded forecast on May 27 of
between $33m and $38m net profit.
Managing director Mr Michael Iwaniw said the profit upgrade was
the result of above-budget performances across the company's sectors.
"The performance by ABB Grain's marketing division in the second
half was especially good, consolidating its performance from the first
half of the year," he said.
"As well, the expansion of ABB Grain's activities in Ukraine and
New Zealand has contributed to the better profit forecast, the second
revision this year. As part of its New World Grain joint venture with
Soufflet, ABB is now actively exporting grain from Ukraine.
"The advantage of investing in the Ukraine is that ABB is able
to supply its regular customers in the Middle East and Asia with more
grain, especially given the recent harvest in Ukraine, the largest in
almost two decades.
"In New Zealand, increased demand for importation of supplements
for the dairy industry (palm kernel expeller, tapioca, soya and canola)
is also contributing to our company's improved profit forecast."
ABB Grain will announce its full-year results on November 25.