Maybe we are being softened up, but I thought there were one or two positives in the half year report.
It seems the walnuts business is performing better this year - larger crop ('better than budgeted in Riverina') and walnut prices have 'remained firm'.
And the onions business will be profitable, thanks to reasonable market conditions in Japan (17% of last year's sales went there).
So a more balanced result this year, with walnuts starting to pull their weight. And overall profit higher. A solid building block for the years ahead.
Management has been busy, gearing up the processing side of the business (both walnuts and onions). Again, laying the foundations for future growth.
All things considered, I'm not completely surprised to see the share price holding up.
WBA Price at posting:
47.9¢ Sentiment: LT Buy Disclosure: Held