Satara posts first-half loss on lower volume of fruit, tax changes

Sept. 13 (BusinessDesk) – Satara Co-operative Group Ltd., New Zealand’s biggest kiwifruit and avocado group, posted a first-half loss, reflecting smaller crops and the impact of tax changes to depreciation.

The net loss was $279,000, or 1.7 cents a share, from a profit of $1.86 million, or 11.4 cents, a year earlier, the company said in a statement. Sales fell 19% to $31 million.

Satara’s post-harvest division handled 9.4 million trays of fruit, for an EBITDA margin of 22%, down from 24% in the first half last year, which it put down to the drop in throughput. It didn’t give specific first-half volumes last year.

The company again won’t pay an interim dividend. Its shares are up about 22% this year and last traded on Aug. 31 at 85 cents.

(BusinessDesk)