Enza-owner Turners & Growers Ltd has posted a full year profit of NZ$9.72 million, beating forecasts by 13 per cent, but falling below the previous year’s performance levels.
New Zealand’s largest fruit and vegetable company said its December 2004 operating revenue at $563m was in line with projections but down on the previous year "owing to reductions in volumes of exportable fruit available to the company".
Earnings before interest tax depreciation and amortisation at $38.53m were up 14 per cent on forecast but down 4.4 per cent on 2003.
As well, as its sizeable domestic business, which dominates the NZ fruit and veg landscape, T&G’s Enza exports nearly 40 percent of all New Zealand apples.
The company said it had been a difficult year for export pipfuit, "with oversupply in most major markets throughout the selling season".
Top-fruit exports were down on the previous year due mainly to strict adherence to quality standards, during a season when a lot of substandard fruit was submitted for export, said T&G.
Investment company Guinness Peat Group (GPG), owns a 78.3 per cent stake in Turners and Growers and another 10 percent is held by banana company Bonita.
Most of the rest of the stock is controlled by about 1,000 fruit and vegetable growers.
No comments yet