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

 


Turners & Growers narrows 1H loss, writes down orchards

Turners & Growers narrows 1H loss, writes down orchard values

Feb. 28 (BusinessDesk) - Turners & Growers, the fruit marketer controlled by Germany's BayWa Aktiengellschaft, narrowed its first-half loss after taking another writedown on the value of its kiwifruit orchards from the outbreak of Psa vine bacteria and taking a more downbeat view on its apple orchards.

The Auckland-based company made a loss of $15.3 million, or 13.1 cents per share, in the six months ended Dec. 31, from a loss of $18.9 million, or 17.2 cents, a year earlier, it said in a statement. That included a $29 million impairment charge, and was slightly smaller than the $16 million to $19 million loss it signalled in December. Sales rose 3.7 percent to $669.1 million.

The company pulled out about 20 hectares of kiwifruit orchards last year after finding the Psa bacteria, and today said "strict controls are in place to contain the bacteria."

The board didn't declare a dividend. The shares rose 2 percent to $1.53, having shed 9.1 percent this year.

Chairman Laus Josef Lutz said early trading in 2013 is "slightly above budget", without giving any further guidance.

T&G reported higher returns from its pipfruit exports on lower volumes as it implemented a currency hedging regime and cut supply chain costs. Export sales rose to $359 million from $314.2 million, though its segment profit of $2.9 million was smaller than the $7.6 million in 2011 due to an impairment charge on kiwifruit plant variety rights and a bad debt provision.

The domestic business reported a 6.4 percent fall in external revenue to $143.5 million and a 70 percent slide in operating profit to $1.5 million due to an oversupply of imported produce.

Processing sales rose 5.5 percent to $57.2 million and profit gained 22 percent to $3.3 million, growing its sales of fruit ingredients products.

The growing operations reported a loss of $22.8 million on sales of $45 million on the writedowns to its kiwifruit orchards and apple orchards.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news