New Zealand's Seeka Kiwifruit Industries has reported that total revenue increased 15.6 per cent during the first half ended 30 September 2010, climbing to NZ$110.4m.
Earning before interest, taxation, depreciation and amortisation (EBITDA) jumped by 38.5 per cent through the six-month period, the group said, while net profit before tax, non-recurring items and impairments rose 35.9 per cent to NZ$20m.
Despite a one-off non-cash deferred tax expense adjustment of NZ$3.2m, net profit after tax for the half increased by 34.6 per cent to NZ$11m.
'The improvement to financialperformance reflects the benefits to the business from theacquisition of Huka Pak in December 2009, combined withexcellent production from our long term lease orchards andvery good fruit returns from the gold variety,' said Seeka CEOMichael Franks. 'Ouroperational performance has ensured that supplying growersreceived very competitive returns and our reputationcontinues to bring new supplying growers and volume toSeeka.
'The company continues to focus on innovationand efficiency and recently announced it has selected MAFRoda to build a new packing machine for its Huka Pakfacility in 2011,' Mr Franks added. 'This investment of over NZ$5m will befocused on the Green variety delivering efficiencies to theCompany and grower suppliers. It will improve throughputs,efficiency and simplify Seeka's post harvest.'
Seeka has confirmed its earnings guidance beforenon-recurring items and tax for the 9 months to 31 December2010 to be between NZ$11.5m and NZ$12.5m, compared with NZ$9.8m forthe same period in 2009.
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