T&G forecasts net loss of up to $19m on orchard writedowns

Turners & Growers, the fruit marketer controlled by Germany's BayWa Aktiengesellschaft, changed its guidance and is now forecasting a full-year loss, reflecting a writedown of its orchards.

"Early indications are that there will be write-downs, particularly of orchard properties and biological assets," the company says in a statement.

"As a result, the after-tax loss is forecasted to be between $16 million and $19 million.

"Despite continued challenging domestic market conditions trading has been steady albeit it is marginally behind last year," it says.

In August, the company posted a 2.2% increase in first-half profit and said it was on track to improve its full-year operating result.

The shares, of which BayWa owns 73%, last traded at $1.56 and have declined 13% this year.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

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

Forex

Sym Price Change
USD 0.6826 -0.0064 -0.93%
AUD 0.9275 0.0064 0.69%
EUR 0.5971 -0.0067 -1.11%
GBP 0.4721 -0.0032 -0.67%
HKD 5.2960 -0.0512 -0.96%
JPY 72.7240 -1.2080 -1.63%

Commods

Commodity Price Change Time
Gold Index 1277.5 -0.830 2016-05-05T00:
Oil Brent 45.5 -0.200 2016-05-05T00:
Oil Nymex 44.9 0.560 2016-05-05T00:
Silver Index 17.3 0.030 2016-05-05T00:

Indices

Symbol Open High Last %
NZX 50 6876.5 6904.6 6876.5 0.31%
NASDAQ 4742.4 4744.6 4725.6 -0.18%
DAX 9805.4 9852.4 9851.9 -0.75%
DJI 17664.5 17736.1 17651.3 0.05%
FTSE 6117.2 6117.8 6117.2 -0.80%
HKSE 20357.5 20377.9 20449.8 -1.66%
NI225 16212.7 16271.6 16147.4 -0.25%