Turners and Growers (T&G) has announced that group profit fell 34 per cent through the 12-month period ended 31 December 2009, down to NZ$9m from NZ$14.1m in 2008.
The New Zealand-based fresh produce distributor and exporter attributed the decline in profit to consumers globally reducing their purchases of fresh fruit and vegetables, seeking low price offering during the economic downturn, stuff.co.nz reported.
In addition to demand, prices were also reduced significantly, particularly at the premium end of the market and in organics, the group noted.
'Historically the fresh produce industry has been relatively immune from the effects of economic recessions, but in 2009 things have been very different,' T&G said.
Despite the fall in profits, T&G remains optimistic for the upcoming years.
'The board believes that the company is robust and is pleased it was able to trade profitably through the worst economic recession since the 1930's,' the group added. 'Recent results have been pleasing and this gives us confidence that 2010 will be a better year.'
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