Australian agribusiness investment group Timbercorp released its 2007/08 annual report last week, summing up what had been a lacklustre year for the group’s horticultural holdings.

Total horticulture earnings in 2007/08 came to A$87.4m, down from A$102.3m the year before, even though gross revenue rose 11.5 per cent to A$314.1m.

Almonds were one of Timbercorp’s better performers. The company’s holdings account for 50 per cent of the Australian almond industry at 11,909ha, and production was up 45 per cent in 2007/08 to 9,200 tonnes. Average sale price across all grades came to A$6.14 per kg, below the group’s expectations.

Avocados also performed reasonably well, with a yield 24 per cent higher than forecast at 1.7m trays (10,000 tonnes). Prices were again lower than hoped due to similarly large crops Australia-wide.

The company’s mango holdings, coming to 816ha, were not an inspiring crop with quality problems and a lower than expected yield. An extra 420ha of orchards in the Northern Territory and Queensland will begin producing for Timbercorp in 2009.

The most problematic of Timbercorp’s holdings was its 412ha of table grape vines in the Sunraysia region. The company’s report said significant replanting has delayed the vineyard reaching full productivity.

Water availability is also an ongoing concern for the group, according to the report. Purchases of extra water in 2007/08 had a significant impact on Timbercorp’s bottom line.

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