New Zealand exporter Turners & Growers (T&G) has reported a first half growth in operating profit before tax and interest of four per cent on the same period last year to NZ$12.86m (£6.8m).
After tax earnings rose NZ$4.7m on the same period last year to NZ$6.9m, although the first half of 2010 saw a one-off tax adjustment that trimmed last year’s figures.
On the export front, T&G’s apple export business is expected to grow only slightly year-on-year by the end of 2011, the company said in its results report. While the New Zealand apple export industry is generally in a financial rut, the opening of the Australian market and the loosening of import requirements for China are bright points.
Domestically the company said results were satisfactory, with high prices for tomatoes on the back of low Australian production balanced out by a dip in prices on the oversupplied New Zealand banana market.
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