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

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news