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Record Profits For Soon To Be NZAX-Listed Satara


News Release
For immediate release

Record Profits For Soon To Be NZAX-Listed Satara

A record distribution to shareholders of $2.6 million on the back of a record profit of $3.7 million profit positions Kiwifruit cooperative Satara well for an AX listing expected later this year.

Chairman Andrew Fenton says the results show strong solid growth and are in line with Satara’s strategy for growth.

“Grower shareholders have received a 30 cent per export tray rebate in cash which completes our most profitable year in the history of the company, Fenton says.”

The results were presented to shareholders at Satara’s AGM in Mount Maunganui.

Mr Fenton made special mention at the AGM of former CEO Craig Wallis and his valued contribution to Satara over the past eight years where the company has grown from 3.5 million trays throughput to over 11 million trays expected in 2004.

Mr Fenton says with over $25 million in net assets, Satara is growing and well positioned to take advantage of the changes ahead for the kiwifruit industry.

He says with expansion work completed over the last few years Satara is perfectly placed to deal with the challenges of handling the largest kiwifruit crop for many years, which they are now in the process of packing.

ENDS


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