Turners & Growers, the fruit marketer controlled by Germany's BayWa, almost tripled first-half profit as its export business reaped bigger sales from North America.
Net profit rose to $16.6 million, or 14.2 cents per share, in the six months ended June 30, from $5.6 million, or 4.7 cents, a year earlier, the Auckland-based company says in a statement. Sales rose 9.4 percent to $369 million, led by a 15 percent gain in export sales to $213.6 million.
"The 2013 New Zealand apple season has had a strong start with increased volumes and favourable market pricing compared to last year," the company says.
"ENZA's global apple programme has delivered increased returns to the group, particularly from the North American market which has seen price and volume increases on 2012 levels, even after a severe hail storm affected the crop harvest."
The company says it is on track to "exceed the profitability of 2012", when it reported a net loss of $15.3 million due to writedowns in the value of its kiwifruit orchards.
The board did not declare an interim dividend.
The shares, of which BayWa owns about 73 percent, were unchanged at $1.61, valuing the company at $186.7 million. BayWa offered $1.85 a share when it made its takeover bid in 2011.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- NBR's veteran budget reporter Rob Hosking breaks down the key points
- AUT professor John Tookey says the government is far behind the curve when it comes to housing and Auckland transport
- BNZ's Craig Ebert on the Budget 2016 forecasts
- Grant Thornton's Greg Thompson on the Budget tax measures and the focus on debt repayment
- EY's David Snell says IRD's IT overhaul will be at the cost of about 1,000 jobs