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.