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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news