Select Harvests reported a net loss of $114.7 million after tax for the full year ended Sept. 30, a stark contrast from the previous year's after-tax net profit of $4.8 million.
The negative impact on results was attributed to lower crop volume and market pricing for the 2023 almond crop, leading to a fair value loss of $74.5 million.
Challenging operational conditions, influenced by the third year of a La Niña weather pattern, resulted in a 30.2% decrease in almond crop volume compared to 2022. Almond price also declined to $6.42/kg.
Despite challenges, the company remains focused on its business improvement program, aiming to enhance processing plant efficiency and targeting a capacity of 40,000 MT in FY2024.