Turners & Growers (T&G) has reported that profit slipped back to NZ$6m (US$4m, €2.8m) for the first half of 2009, down from NZ$8.7m (US$5.8m, €4.1m) in the corresponding period of 2008.
According to the New Zealand-based fresh produce distributor and exporter, the comparative result was affected by last year's purchase of Kerifresh and the write-down of the NZ$4.2m (US$2.8m, €2m) investment in Worldwide fruit, meaning an adjusted profit of NZ$5.1m (US$3.4m, €2.4m) in the first half last year.
Revenue from ordinary activities increased by 3.4 per cent on 2008 to hit NZ$314.9m (US$210m, €148m), with T&G reporting that prices and demand for fresh produce had been considerably lower due to the economic crisis, NZPA reported.
According to the group, the contribution from Enza, including coolstores, was up on last year as a result of higher volumes through coolstores and markets, with 'reasonable returns' aided by the weaker New Zealand dollar. Increased volumes of Jazz apples helped boost premium prices and increased returns, the group said.
No comments yet