Seeka Kiwifruit Industries has announced that net profit for the first-half (H1) of 2009 fell 2.9 per cent to NZ$8.2m (€3.9m), or NZ$0.65 per share, from NZ$8.4m (€4m) in the year-earlier period.
The group, which handles 26 per cent of New Zealand's kiwifruit crop, attributed the decline to its decision to decline participation in research company Vital Foods' capital raising initiative, writing off its NZ$1.75m (€838,000) investment in the process.
Revenue for the six months ended 30 September climbed to NZ$95.5m (€45.7m) from NZ$95.4m (€45.68m) in the corresponding period of 2008, Seeka said.
'The six month period was challenging for Seeka with a severe hailstorm during the harvest and worldwide economic turmoil in key market affecting green fruit returns from Zespri,' chairman Kim Ellis said in the group's financial statement. 'This hail storm reduced fruit volumes, made fruit processing more difficult and devastated returns for affected orchards.
'Despite these adverse events, Seeka was able to maintain revenues at NZ$95.5m and increase EBITDA by NZ$1.2m (€574,700) to NZ$17.6m (€8.4m),' Mr Ellis added.
Looking ahead, Mr Ellis said that Seeka expected full-year earnings before tax, non-recurring items, impairment s and items related to the purchase of Huka pack to be in the range of NZ$6.9m (€3.3m) to NZ$7.5m (€3.6m), compared with NZ$5.6m (€2.7m) in 2008.
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