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Turners & Growers more than doubles 1H profit

Turners & Growers more than doubles 1H profit, says annual earnings profit will beat 2012

Aug. 8 (BusinessDesk) - Turners & Growers, the fruit marketer controlled by Germany’s BayWa, more than doubled first-half profit as its export business reaped bigger sales from North America.

Net profit gained to $17.8 million, or 14.2 cents per share, in the six months ended June 30, from $7.1 million, or 4.7 cents, a year earlier, the Auckland-based company said in a statement. Sales rose 9.4 percent to $369 million, led by a 15 percent gain in export sales to $213.6 million.

“The 2013 New Zealand apple season has had a strong start with increased volumes and favourable market pricing compared to last year,” the company said in a statement.

“ENZA’s global apple programme has delivered increased returns to the group, particularly from the North American market which has seen price and volume increases on 2012 levels, even after a severe hail storm affected the crop harvest,” it said.

The company said it was on track to “exceed the profitability of 2012” when it reported a net loss of $15.3 million due to write-downs in the value of its kiwifruit orchards.

The board didn’t declare an interim dividend.

The shares, of which BayWa owns about 73 percent, were unchanged at $1.61, valuing the company at $186.7 million. BayWa offered $1.85 a share when it made its takeover bid in 2011.


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