Listed New Zealand-based firm Seeka Kiwifruit Industries has posted a net profit of NZ$3.17m (US$2.38m) for the12 month period ending 31 December 2014.
The performance was a vast improvement on the guidance range of NZ$2.6m (US$1.95m) to NZ$3m (US$2.25m) given to shareholders at the October 2014 stakeholder meeting. The company recorded a gross profit of NZ$11.29m (US$8.49m), above the guidance range of NZ$10m (US$7.52m) to $10.5m (US$7.90m).
The results were bolstered by a NZ$1.4m (US$1m) gain from the sale of its shareholdings in Opotiki Packing and Cool Storage and a NZ$1.85m (US$1.39m) non-cash cost associated with a grower share scheme.
Cashflow from Seeka’s operations totalled NZ$8.53m (US$6.42m), down slightly on NZ$8.83m (US$6.64m) over the corresponding period a year earlier. The company re-invested NZ$5.64m (US$4.24m) in property and equipment, and a further NZ$925,000 (US$696,228) in the redevelopment of long-term orchards. Seeka also purchased a 100 per cent share in Auckland-based fruit ripening and delivery services company Glassfields for NZ$5.38m (US$4.04m) during April.
In a sign the company is continuing to rebound from the affects of the Psa vine-killing disease, Seeka’s directors declared a fully-imputed dividend of NZ$0.08 (US0.06) per share. Dividends distributed to shareholders during the year totalled NZ$2.27m (US$1.7m), up from $1.73m (US$1.3m) in 2013. There was no dividend payment in 2012.
