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 0.7225 -0.0076 -1.04%
AUD 0.9560 -0.0015 -0.16%
EUR 0.6457 -0.0011 -0.17%
GBP 0.5501 -0.0034 -0.61%
HKD 5.6042 -0.0569 -1.01%
JPY 73.5720 0.1510 0.21%

Commods

Commodity Price Change Time
Gold Index 1321.2 -4.640 2016-08-25T00:
Oil Brent 49.9 0.030 2016-08-25T00:
Oil Nymex 47.3 0.560 2016-08-25T00:
Silver Index 18.5 -0.070 2016-08-25T00:

Indices

Symbol Open High Last %
NZX 50 7427.8 7430.4 7427.3 -0.48%
NASDAQ 5219.1 5253.4 5212.2 0.16%
DAX 10512.2 10613.1 10529.6 0.55%
DJI 18467.9 18572.1 18448.4 -0.27%
FTSE 6816.9 6857.3 6816.9 0.31%
HKSE 22827.2 22997.4 22815.0 0.41%
NI225 16485.5 16490.5 16556.0 -1.18%
ASX 5541.9 5544.4 5541.9 -0.48%