Seeka kiwifruit picking

Seeka Kiwifruit Industries Limited has reported a profit of NZ$12.7m before tax for the nine-month period ended 31 December 2010, topping its NZX market guidance of NZ$11.5m-NZ$12.5m.

According to the New Zealand-based group, Revenue came in at NZ$122.2m for the period, with earnings before interest, taxation, depreciation and amortisation (EBITDA) totalling NZ$19.6m.

'Seeka's improved financial performance stems from the successful integration of the major Huka Pak acquisition during 2010,' said chief executive Michael Franks. 'It is also due to our continued focus on costs, innovation and efficiencies, as well as our orcharding expertise which resulted in first-rate production from the company's orchards.

'Seeka achieved its best-ever fruit loss statistics of only 1.3 per cent compared to the industry average of 2.4 per cent, with green fruit loss of 4.4 per cent in line with the industry,' he added.

Yields and returns from long-term lease orchading operations remain strong, Mr Franks noted, with Seeka's portfolio of emerging businesses offering further opportunities for growth.

'Seeka is well placed to meet future challneges due to our scale of operations, assets and deidcated growers,' he added. 'We have a history of performance and resilience, and have demonstrated the ability to adapt our business so that sustainable earnings are delivered to our shareholders.'

On the recent outbreak of Psa in Te Puke, Seeka said that it was working with growers and the Kiwifruit Vine Health Authority to implement an agressive containment stratgey, ensuring the ongoing health of its growers vines.