Australia's Select Harvests dips on dismal HY results

Select Harvests

22/11/2022 01:13

(Adds analyst comments)
    ** Shares of Select Harvests Ltd  SHV.AX  fell as much as
9.7% to A$4.680, biggest intraday pct loss since June 29
    ** Almond producer posts FY net profit attributable A$4.8
mln, down 68.5%
    ** Posts FY revenue from cont. ops A$199.7 mln, down 12.7%
    ** Declares final dividend of 2 AU cents per share
    ** Says very wet conditions and impact of fire on
warehousing and fumigation capacity in FY have led to higher
warehousing and distribution costs 
    ** Says ongoing drought conditions in California will
adversely impact 2023 and prices are likely to rise 
    ** Says crop costs are expected to materially increase in
2023 
    ** Analysts at UBS say market focus is on the outlook
        ** Adds California remains in oversupply and shipping
data needs to improve to drive a step-change in almond prices
  
    ** Shares touch their lowest since Aug 29
    ** Stock has fallen 16.6% this year as of last close 
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))