Seeka Kiwifruit Industries has announced that group profit slumped by a massive 92 per cent through the first half of the year, down to NZ$672,000 from NZ$8.5m in the same period of 2012.
The New Zealand kiwifruit postharvest operator attributed the result to a 'tough year' for the industry, which continues to be impacted by the spread of the Psa-V vine disease.
Revenue dropped 16 per cent to NZ$67m, down from NZ$80m last year, impacted by falling kiwifruit volumes – particularly the removal of Zespri Hort16A gold kiwifruit, which is being replaced by the more resistant Zespri G3 variety.
'Although earnings are down on the previous corresponding period, and on two years ago, the company's financial performance for the half year is credible in the prevailing market,' the company said.
'The financial year 2013 was predicted to be a tough year, perhaps the low point for the kiwifruit industry,' the statement continued. 'The postharvest environment remains competitive... Seeka remains in a strong competitive position through its performance and pricing.'
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