Turners & Growers forecasts FY net loss up to $19M on orchard writedowns
Dec. 7 (BusinessDesk) - Turners & Growers, the fruit marketer controlled by Germany’s BayWa Aktiengesellschaft, changed its guidance and is now forecasting a full-year loss, reflecting a writedown of its orchards.
“Early indications are that there will be write-downs, particularly of orchard properties and biological assets,” the company said in a statement. “As a result the after-tax loss is forecasted to be between $16 million and $19 million.”
“Despite continued challenging domestic market conditions trading has been steady albeit it is marginally behind last year,” it said.
In August, the company posted a 2.2 percent increase in first-half profit and it was on track to improve its full-year operating result.
The shares, of which BayWa owns 73 percent, last traded at $1.56 and have declined 13 percent this year.