"Our properties in NSW are enjoying the third year in a row of above-average production with the company's irrigation storage full following recent flooding," Clyde Agriculture managing director John McKillop said on Tuesday. "In parts of the state, conditions are currently the best that have been for 10 years."

According to The Australian Financial Review, this year will see the third successive year of profits for Clyde and revenue is averaging about $50 million.

Documents from the Australian Securities and Investments Commission show Clyde's 2008 financial report recorded a $13.6m profit. That profit came after the company sold the historic Toorale Station in western NSW, to the federal and NSW governments, for $23.75m as part of the national water buyback program. Clyde went on to sell the Thylungra Station, west of Quilpie in south-west Queensland, for an estimated $10.5m.

Swire first invested in Clyde in 1983 with joint venture partner James Finlay, one of the UK's oldest tea traders. For the next four years Clyde sustained loses of about $9.6m. Cotton markets started to decline and by 1988 Clyde was beset with tax losses of about $22m before Swire swooped and took full control.