WEST Australian grain co-operative CBH Group has posted a net after-tax profit of $162.4 million for the 12 months to September 30, 2012.
CBH Group chairman Neil Wandel said at yesterday's annual general meeting the record result had allowed the co-operative to allocate an additional $40 million to capital works during the next three years.
"The record breaking harvest in 2011-12 allowed us to absorb many of the cost increases in our business and avoid passing them on to growers," Mr Wandel said.
That included keeping CBH’s storage and handling fees flat and reducing rail freight rates.
"It is currently estimated that growers in WA pay $14 per tonne less than growers in eastern Australia, who currently pay around $40 per tonne in storage and handling fees," he said.
CBH's profit was from revenue of $2.2 billion.
The group received a record 15 million tonnes of grain during the season.
CBH Group chief executive officer Andy Crane said the marketing and trading division acquired more than 6.3 million tonnes of grain across Australia, including more than 40 per cent of the WA harvest.
Dr Crane said the group’s flour mills achieved an after-tax profit of $7 million attributable to CBH.
CBH holds a 50 per cent interest in Asian flour miller Interflour Group.
Dr Crane also foreshadowed a flatter result in 2012-13.
"Looking ahead, while the harvest just gone, unfortunately, did not live up to the previous year’s record, we still expect to be able to present another positive result to our grower members next year, including the flow-on effects of the new rail fleet," he said.