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 0.7082 0.0032 0.45%
AUD 0.9522 0.0053 0.56%
EUR 0.6330 0.0021 0.33%
GBP 0.5514 0.0012 0.22%
HKD 5.5198 0.0266 0.48%
JPY 78.8520 0.4050 0.52%

Commods

Commodity Price Change Time
Gold Index 1266.7 11.460 2017-05-26T00:
Oil Brent 52.5 0.720 2017-05-26T00:
Oil Nymex 49.8 0.910 2017-05-26T00:
Silver Index 17.3 0.130 2017-05-26T00:

Indices

Symbol Open High Last %
NZX 50 7441.6 7441.6 7441.6 -0.39%
NASDAQ 6207.0 6211.5 6205.2 0.08%
DAX 12588.8 12633.4 12602.2 0.21%
DJI 21070.2 21092.8 21083.0 -0.01%
FTSE 7517.7 7554.2 7517.7 0.40%
HKSE 25672.4 25744.7 25639.3 0.24%
NI225 19697.2 19736.6 19686.8 -0.02%
ASX 5751.2 5758.2 5751.7 -0.78%