SunRice, the Australian rice processor, saw profits rise in its last financial year as the company “recaptured” markets lost in the wake of the country’s drought two years ago.

The company booked a 5.5% increase in net profit after tax to A$35.8m (US$33.1m) for the year to 30 April. Revenue increased 6.8% to A$1.07bn.

“These results were delivered against the backdrop of softening international commodity prices and a firmer Australian dollar,” SunRice CEO Rob Gordon said. “Despite challenging trade conditions, sales and volume improvements were achieved across the Pacific, and market share was maintained in Middle Eastern markets despite fierce price competition.”

SunRice also managed to reduce its gearing during the year, which Gordon had allowed the company to start “reinvesting in … subsidiary businesses”. Gordon said SunRice had drawn plans to spend A$18m, a third of which had been spent during the year.