Timbercorp Orchard Trust last week released its results for the financial year ending in June, posting a net profit of A$2.36m.
The Trust owns the Costa's Crest and Bella Vista table grape properties at Euston, New South Wales, and the Kangara citrus property in Murtho, South Australia, valued at A$97m.
Net operating profit had been pinned at 20.1 per cent, up to A$3.39m, but lower valuations of the Trust’s properties due to widespread drought and rising interest rates knocked it back to the current figure.
The Trust’s parent company, Timbercorp, rents the properties from the Trust, and has been replacing Red Rob and Stanley Seedless grape varieties on the Bella Vista property with more proven cultivars.
While water allocations to the properties have been downgraded, the Trust says it has enough water to properly irrigate their crops.
