Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Trilogy declares first dividend as annual profit more than triples
- KiwiSaver providing poor value for money, needs rewrite - Treasury
- OPINION: Budget doesn't cover cracks in health system
- Contact stages an about-face to return $367m to shareholders
- NPT posts 16% drop in annual profit on smaller lift in valuations