Seeka kiwifruit picking

Seeka Kiwifruit Industries has announced its results for the full-year ended 31 March 2010, with earnings before interest, taxation, depreciation and amortisation (EBITDA) up 3.5 per cent to NZ$14.5m (€7.9m, US$9.8m).

The result reflected both Seeka's share of the Opotiki Packing and Coolstorage loss of NZ$1m and a gain in net income of NZ$1.13m from kiwifruit packed during March this year.

Net profit before tax fell to NZ$1.4m (€759,000, US$943,000) compared with a result of NZ$5.6m (€3m, US$3.8m) during the previous year, a result distorted by one-off items including the impairment in Seeka's Vital Foods investment, a reduction in consideration on the sale of South Auckland Pack and Coolstorage, and cancelling a management contract when purchasing Te Awanui Huka Pak.

'These items have distorted the operational and financial improvements delivered in a challenging environment,' a group statement read. 'Productivity gains and sound financial management continue to improve Seeka's underlying financial performance.'