California-based agribusiness Limoneira has reported on its financial results for the second quarter of fiscal 2011, with the group seeing both revenues and operating results drop on the previous year.
For the period ended 30 April 2011, Limoneira saw revenue come in at US$12.5m, down from US$13.2m in the second quarter of fiscal 2010, with agricultural revenue down to US$11.5m from US$12.2m last year despite higher lemon sales.
Operating loss for the period stood at US$1.5m, compared with an operating income of US$1m in 2010, attributed to higher costs and lower revenues in the avocado segment.
'Fiscal year 2011 is on track to be a solid year for Limoneira,' said Harold Edwards, group president and CEO. 'We look forward to growing our business through both our agribusiness and real estate operations, and will continue to focus on operational efficiencies in order to position ourselves for long-term success and to maximise shareholder value.'
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