<p></p><p>Select Harvests Limited, the almond producer and processor has posted an after-tax profit of $27.9 million, the second highest in eight years.Releasing its annual report on October 25th, the company said it had been a “challenging and volatile year” for the almond industry, with prices averaging $8.08/kg for the year to June 30, compared with $11.45/kg for 2014-15.Revenue increased by 27.9 per cent from $223.5 million in 2014-15 to $285.9 million this year but net profit after tax fell 53 per cent from $59.4 million to $27.9 million over the same period.“While some way from the record result of 2014-15, the 2015-16 result was still one of the best in the history of the company,” Select Harvests chairman, Michael Iwaniw, and managing director, Paul Thompson, said in a joint report on the company’s activities.“Importantly, with outstanding cash generation and the balance sheet in great shape, the company was able to continue to invest in initiatives to deliver additional growth, productivity gains, capacity increases, cost reductions and improved efficiency, underpinned by sustainable business practices.” <br></p> <p>Select Harvest’s food division result of $10.3 million in earnings before interest and tax, was a record for the company, surpassing the $6.8 million reported last year.“This division is performing ahead of plan and is investing now for future export-led growth in consumer brands and industrial and trading (sales),” the company said.Select Harvest produced its second biggest crop at 14,200 tonnes.With 6691ha of trees planted, the company anticipates to harvest 16,000 tonnes of almonds in 2018, rising to 18,000 tonnes in 2020 and 23,000 tonnes four years later.Select Harvests sold and leased back three orchards from First State Super to free up net proceeds of $64 million.Its net debt fell from $115.6 million at June 30, 2015, to $67.3 million a year later.<br></p><p></p>