Seeka cuts profit on back of fruit loss

For fresh produce marketing in Australia and New Zealand
Gabrielle Easter

BY GABRIELLE EASTER

@gab_produceplus

Seeka cuts profit on back of fruit loss

New Zealand kiwifruit grower Seeka has lowered its 2015 profit forecast with increased fruit losses due to a lack of storage

Seeka cuts profit on back of fruit loss

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New Zealand’s largest kiwifruit grower Seeka has cut its full-year profit forecast after citing higher than expected fruit loss.

A fire at Seeka’s Oakside facilities in March 2015 has impacted fruit storage more substantially that initially suspected, with storage of its late season Hayward green kiwifruit proving “abnormally difficult”, according to the company.

Seeka expects its 2015 full-year profit to increase 10-40 per cent from its 2014 profit of NZ$3.2m (US$2.17m), with profits to sit around the lower end of the range if the financial costs from its fruit losses are uninsured.

The Te Puke-based company had initially forecast an increase in profits of 30-40 per cent compared to 2014, and will update its shareholders and stakeholders on 21 October.

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