Satara Cooperative Group has this week announced that its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped to NZ$3.7m through the first six months of the year, down from the NZ$4.9m recorded last year.
According to the group, which specialises in avocados and kiwifruit, volume fell as a result of lower industry yields and a reduction in supply area, stuff.co.nz reported.
Satara's revenue for the first-half declined 19 per cent to NZ$31m, while the company's overall half-year result was a NZ$279,000 loss, down from a profit of NZ$1.86m in 2009.
A number of growers have joined the cooperative in recent months, the group added.
'This is evidence of the changing position and perception of this company,' the group said in a statement. 'We are optimistic that, coupled with the forecast growth in industry volume over the next five years, our focus and delivery on business efficiency and growth in supply base will drive value for shareholders.'
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