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

 

Seeka first-half profit plunges 92 percent on Psa impact

Seeka first-half profit plunges 92 percent on Psa impact

Seeka Kiwifruit Industries, the fruit grower and coolstore and packhouse operator, reported a 92 percent dive in first-half profit as the outbreak of Psa-V vine bacteria takes its heaviest toll on certain kiwifruit varieties.

Net profit sank to $672,000, or 5 cents per share, in the six months ended June 30, from $8.5 million, or 59 cents, a year earlier, the Te Puke-based company said in a statement. Revenue dropped 16 percent to $67 million on declining kiwifruit volumes. The most dramatic was the slump in Zespri Hot16A gold to production of just 155,000 trays, compared with 1.2 million trays a year earlier.

“The financial year 2013 was predicted to be a tough year, perhaps the low point for the kiwifruit industry,” the company said. “Production volumes have reduced because of the substantial removal of Zespri Hort16A gold fruit and its replacement with Zespri G3, a more Psa-V resistant variety.”

Local kiwifruit growers have been struggling with the outbreak of Pseudomonas syringae PV actinidiae three years ago, infecting about 40 percent of the nation’s orchards and devastating the gold fruit varieties.

Seeka’s board declared an interim dividend of 6 cents per share, payable on Sept. 27, with a Sept. 20 record date. The infrequently traded shares jumped 11 percent to $2.05 yesterday, when the company announced plans to invest in a coolstore in Malaysia.

The company’s post-harvest operations, which include the packing and coolstore businesses, reported a 21 percent drop in revenue to $40.2 million, and a 75 percent slide in earnings before interest and tax to $2.6 million. The orchard operations showed a 7 percent fall in revenue to $25.2 million, and a 56 percent drop in earnings to $2.4 million.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>