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Turners & Growers lifts first-half profit 2.2% to $7.1M

Turners & Growers lifts first-half profit 2.2% to $7.1M

Aug. 2 (BusinessDesk) - Turners & Growers said first-half net profit rose 2.2 percent to $7.1 million but didn't provide any other details.

The fresh produce company said it will release the details of its results for the six months ended June 30 by August 17, as “required by listing rule 10.4.”

Turners posted an $18.9 million net loss for calendar 2011 because of $32.5 million of write-downs of its orchards, a tax write-off and takeover costs.

Germany-based BayWa Aktiengesellschaft bought former major shareholder Guinness Peat Group's 63.5 percent of Turners late last year and has since lifted its stake to 73.1 percent.

In February this year, Scales Corp, which owns the Mr Apple packing business, announced it had bought just over 10.3 percent of Turners at $1.90 a share and said while it supported BayWa's controlling position, it wished the company to remain listed.

Turners shares last traded at $1.70 on July 27, below the $1.85 BayWa paid GPG.

(BusinessDesk)

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