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Carl Collen


Seeka posts full-year profit

Kiwifruit grower-packer has revealed that profit before tax came in ahead of early estimates at NZ$8.9m

Seeka posts full-year profit

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New Zealand-based post harvest kiwifruit company Seeka has revealed its results for the year ended 31 December 2012, with profit before tax coming and restructuring coming in at NZ$8.9m, ahead of the group's guidance range of NZ$5.7m-NZ$6.4m.

Cashflow from operations came to NZ$12.6m and total bank debt finished at NZ$17.8m, both of which were improvements on the group's guidane range.

Operating revenue totalled NZ$108.3m, down 22 per cent on the previous year, which the group attributed to lower post-harvest and orcharding volumes, primarily caused by the removal of Psa-affected Zespri gold vines.

"During the period Seeka has implemented its strategy to enable the company to weather the impact of Psa on the industry," the group said in a statement. "The company is now in a stronger financial position, with significantly lower debt and leaner operating cost structures.

"It is well positioned in an environment with continuing Psa, intense competition, decreasing gold fruit volumes, and an uncertain industry pathway to recovery."

Actions that the group has taken include selling surplus assets, reducing debt, restructuring operations to lower costs, and limiting capital expenditure.

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