Enza operating profit is up nearly 10 per cent on last year at NZ$12.15million (£3.52m). This is set alongside an average return to growers almost 20 per cent up on the previous season at NZ$19.83 per carton. But both figures were overshadowed by non-recurring costs of NZ$29million, which meant the company posted a net loss of some NZ$20.37m. Most of the costs were from a settlement agreed between Enza and its suppliers over the payment of historic foreign exchange losses. There were also costs arising from deregulation and moving the company's head office into the production heartland as well as writing off the debts from Enza's foray into production in Chile.

'The improved operating result reflects the strong focus the business has had on reducing its cost structures and improving overall business efficiencies,' said Bill Birnie, Enza chairman. 'It is particularly pleasing given the New Zealand export pipfruit crop was considerably smaller as a result of adverse weather in all growing regions.' The company must now look forward to operating in a deregulated environment for the first full season in 2002.