Almond farmer Select Harvests Limited (ASX: SHV) this afternoon warned that it now expects FY 2017 profit to come in between $7.5 million to $8.5 million, as a consequence of increased costs, currency movements, and high rents for its orchards.
Select Harvest shares have lost 25 per cent over 2017 as investors worry about falling almond prices after a record-breaking drought in the almond growing centres of California came to an abrupt end in 2016.
The group's managing director commented that the "fundamentals of our business are positive and we expect strong growth over the next eight years as our orchards mature".
Select Harvests has a market value around $350 million and will hand down its full year results on August 25 2017.
