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

 


Directors' Review of 2003/04 Operations

Mon, 24 May 2004

Directors' Review of 2003/04 Operations & Final Dividend Announcement

The Board of Seeka Kiwifruit Industries Limited is pleased to provide this preliminary report covering the 12 months of operations ending 31 March 2004. This report includes an announcement of final dividend and accompanies the un-audited financial statements.

Final dividend announcement The Board of Seeka Kiwifruit Industries Limited has announced a final dividend for the 2004 financial year of 9 cents per share fully imputed, bringing the total full-year dividends to 18 cents per share. Imputation credits lift the full year dividend to 26.86 cents per share gross. The total amount of the dividend payment will be $721,252 and will be made on 15 September 2004 applying to shares held on the Company's Register at 5pm 10 September 2004. The Dividend Reinvestment Plan will operate for the final dividend.

Financial review The Company has recorded an un-audited Net Profit after Tax for the 12 months ended 31 March 2004 of $3.087m, up 55% from last year's $1,991m and up 13% on the 2001/02 result of $2.736m. This result is 10% better than the $2.793m forecast issued to shareholders October 2003. The significant lift in profit reflects a number of highlights for the Company compared to 2002/03: " Total revenue of $51.032m, increase of 19% " A 50% increase in earnings per share at 39 cents per share " NPAT on assets at 12% - increase of 33% " Orchard yields per hectare average at 6,461 increase of 13% further assisted by record fruit returns. " Class 1 Harvest trays packed totalled 8.83m, up 8% on 2002/03. These improvements were achieved by: " Strengthening and refining our orchard lease arrangements to optimise the benefits and returns to both orchard owners and Seeka. " Implementing best practice orchard management techniques and independent peer-review processes to improve sustainable yields. " Improving the utilisation of assets in Post Harvest Operations.

These measures have improved the Company's profitability and the service we provide our grower clients. The improved financial result reflects the commitment and focus of our grower suppliers, and people right across the business.

The Company during the year has also taken a number of significant steps in its development as a Corporate. Specifically the Company has: " Moved to list on the NZAX. " Implemented a new Dividend Reinvestment Plan " Appointed BK Registries as Share Registrar to the Company.

The Company enters the 2004/05 year positively looking toward: " Forecast increased tray volumes estimated at 10.97m trays, up 24% on 2003/04. " Further forecast improvements in orchard yields offset by expected lower fruit returns.

The Directors take this opportunity to thank our grower suppliers, staff, management and advisers for their efforts in 2003/04 and look forward to a positive year ahead.

Background information For harvest 2004, Seeka is employing more than 1200 people to get 11 million trays of kiwifruit picked, packed, stored and then shipped to Zespri's international markets.

Seeka's outstanding record for corporate governance, plus transparent business processes, lead to Seeka being selected for the NZAX First XV - as one of the first 15 companies to be listed on the NZAX.

see: www.seeka.co.nz

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news