Webster Limited’s Swansea walnut orchard on Tasmania’s East Coast produced a record crop last season.
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That helped the company’s horticulture division to an annual profit of $10.7 million.
The division’s result, for the year to September 30, compared to an $18.8 million profit for the previous 15 months
Webster also has walnut operations in New South Wales.
It said its overall walnut yield (9508 tonnes) was the second biggest on record, behind only the 2017 crop (12,005 tonnes).
Prices were slightly higher than in the previous period.
“Current market conditions are indicating significant downward pressure on the walnut sales price for the 2018-19 crop,” Webster said in its preliminary final report for the year.
Webster said it continued to expand its orchard portfolio.
“The development of the Avondale West orchard in New South Wales will be completed in the 2018-19 financial year, concluding the 880 hectare development program,” Webster said.
“Webster also acquired a 150 hectare adjoining parcel of land at its Leeton orchard.
“Development of this land is expected to be completed in the 2018-19 year.”
The Swansea orchard is formerly Tasmanian-based Webster’s oldest walnut orchard.
Webster also has an agricultural division, involving row crops, especially cotton, plus wheat, maize and livestock.
The overall company reported statutory net profit after tax of $27.1 million.
That compared to a $58.3 million profit for the previous 15-month period.
Revenue totalled $207.3 million, down from $275.8 million.
The lengths of the periods differed because of a change to a new annual reporting schedule.
In 2017, chairman Chris Corrigan said changing the end of the reporting year to September would “better align with the growing seasons of our primary crops”.