Shares closed at $1.06 on Tuesday but dive to around 94c last night.

In the grain handler’s market update released yesterday, the company flagged a reduction in profit of up to $10m due to the sale of its Landmark Financial Services loan and deposit books.

Managing director Gordon Davis said in the release that increases in global wheat stocks, lower transactional margins, and reduced price volatility had also adversely affected profitability.

“We expect the domestic grain marketing result will be weighted towards the second half of the financial year but for the full year it is still likely to be significantly lower than the prior comparative period,” Mr Davis said.

Earnings were previously expected to be in the order of $115m to $140m.