Turners and Growers almost triples 1H profit, likely to beat 2012

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 My Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

NZ is the fruitball to China - time to cream it.


Good effort despite high dollar ...wonder why such a shift of strategy as Asia was main strategic development focus. Seems like sales strategy does not have specific objectives. Is it a lucky patch? Or brand dumping?


Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7747 0.0006 0.08%
AUD 0.9504 -0.0007 -0.07%
EUR 0.6336 0.0012 0.19%
GBP 0.4957 0.0003 0.06%
HKD 6.0073 0.0034 0.06%
JPY 92.5840 0.0740 0.08%


Commodity Price Change Time
Gold Index 1195.4 -2.890 2014-12-19T00:
Oil Brent 61.4 1.580 2014-12-19T00:
Oil Nymex 57.1 2.910 2014-12-19T00:
Silver Index 16.0 0.096 2014-12-19T00:


Symbol Open High Last %
NZX 50 5518.5 5545.0 5539.3 -0.21%
NASDAQ 4752.6 4782.1 4748.4 0.36%
DAX 9901.3 9901.3 9811.1 -0.25%
DJI 17778.0 17874.0 17778.2 0.15%
FTSE 6466.0 6566.9 6466.0 1.23%
HKSE 23158.3 23189.6 22832.2 1.25%
NI225 17511.0 17621.4 17210.0 2.39%