Auckland-based Turners & Growers has posted a 34 per cent fall in full-year profit as a result of a building-depreciation tax expense.
Fruit and vegetable processing sales were up to NZ$44.5m (€24.3m) from NZ$39.3m (€21.5m), but earnings fell to NZ$86,000 (€47,000) from NZ$777,000 (€424,000).
Overall sales rose 1.6% to NZ$599m (€327m) in the calendar year 2010, but a NZ$5.1m (€2.8m) tax expense and a write-down in the value of its 50 per cent stake in Inglis Horticulture saw net income fall to NZ$6.3m (€3.4m).
In a statement, chairman Tony Gibbs commented: 'Exporting from New Zealand continued to be a challenge due to the high price of the New Zealand dollar against most major currencies.'
He predicted 2011 would be another 'difficult year' for apple exports, but remained confident that Turners & Growers would produce improved overall results.
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