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

 

Seeka reports half year earnings

Seeka reports half year earnings

Seeka Kiwifruit Industries has reported its half year result to 30 September 2010 with total revenue for the 6 months ended 30 September of $110.4m, an increase of 15.6% on the same period last year. Reported EBITDA of $24.5 m increased by 38.5 % and net profit before tax, non-recurring items and impairments rose by 35.9 % to $20.0 m.

Despite a one-off non-cash deferred tax expense adjustment of $3.2m relating to the change in tax deductibility of buildings with a life longer than 50 years, net profit after tax for the six months increased by 34.6 % to $11.0 m.

All divisions showed improvement in earnings with Post Harvest volumes handled up by 3.3million trays at 22.6m and Orchard Division volumes up 1.6m trays at 10.1m trays. Seeka’s own long term lease orchards delivered 1.2m trays of gold fruit.

Seeka Chief Executive Michael Franks reported “The improvement to financial performance reflects the benefits to the business from the acquisition of Huka Pak in December 2009 combined with excellent production from our long term lease orchards and very good fruit returns from the gold variety. Our operational performance has ensured that supplying growers received very competitive returns and our reputation continues to bring new supplying growers and volume to Seeka”

“The company continues to focus on innovation and efficiency and recently announced it has selected MAF Roda to build a new packing machine for its Huka Pak facility in 2011. This investment of over $5m will be focused on the Green variety delivering efficiencies to the Company and grower suppliers. It will improve throughputs, efficiency and simplify Seeka's post harvest.

As advised at the annual shareholder meeting, Seeka will change its annual balance date from 31 March to 31 December. This better reflects the cycle of Seeka's business, significantly simplifies accounting and improves the meaningfulness of financial statements.

Accordingly, the current financial year will be for the nine months ending on 31 December 2010, with the new financial year commencing 1 January 2011.


Although occurring outside the reporting period, the industry has detected an outbreak of the bacteria Pseudomonas syringae pv actinidiae (Psa). Orchards have been confirmed with Psa across a wide area with a significant occurrence in the Te Puke region. The New Zealand kiwifruit industry has moved rapidly to control the outbreak and agreed a containment strategy.

At the annual shareholders meeting in August, the company predicted earnings before non-recurring items and tax for the 9 months to 31 December 2010 to be between $11.5m and $12.5m, compared to $9.8m for the same period in 2009. The company confirms the forecast guidance.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>