While December remains a key trading month for the group in India and Bangladesh, the performance of the Agriculture division for the year is expected to be significantly ahead of market expectations.
Following the low tea prices in India and Bangladesh in the first half of the year, prices for new season teas have been steadily rising over the last few months. In addition, average tea prices in Kenya and Malawi have been higher than expected for the year so far. Our crop of Hass avocado has also been satisfactory and the selling prices have been close to those of last year despite the smaller fruit sizes. Our Macadamia volumes are marginally below those of last year however prices remained strong throughout the year.
The Company draws your attention to the announcement made by BF&M, an associate of the Group, today in which BF&M announced significantly reduced shareholders' net income for the nine months to 30 September 2017 of $5.2 million (9 months to 30 September 2016: $19.2 million). This result reflects the negative net impact of the Caribbean hurricanes Irma and Maria on operating results at 30 September of $14.9 million. The Group holds a 35.6% interest in BF&M.
Despite the reduced results from BF&M, Camellia's profit before tax for continuing operations (before any impairment charges) for the year to 31 December 2017 is expected to be ahead of analyst expectations.