Select Harvests hits 1-month low as weather conditions impact crop volume

Select Harvests

20/05/2022 03:07

** Shares of Australia's Select Harvests Ltd  SHV.AX  drop
up to 6% to A$5.7, hitting their lowest since April 13
    ** SHV cuts crop volume for 2022 to 29,630MT from an earlier
forecast of 30,000 MT
    ** The almond producer says wetter-than-average weather
conditions impacted the quality and volume of kernel product
crop  urn:newsml:reuters.com:*:nASX3MmPcZ
    ** Forecasts H1 NPAT of A$2.01 mln ($1.41 mln), compared
with A$1.27 mln last year
    ** Says it is working to fast-track drying and processing to
prevent further deterioration of crops
    ** Flags higher costs, says season's harvest conditions are
the worst the industry has seen in last 10 years
    ** SHV had flagged of delayed 2022 harvest on May 2, owing
to ongoing wet weather conditions, but said there was no impact
to volume
    ** SHV on track for its worst day since May 3, if losses
hold
    ** Stock down 2.4% this year, as of last close

    ($1 = 1.4221 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))