Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>