Better prices and improved sales volumes helped drive Turners and Growers' earnings higher in the six months to June 30.Despite a difficult environment, the fruitgrower and packer said it expected to report an improved result for the full year.Turners an
Better prices and improved sales volumes helped drive Turners and Growers’ earnings higher in the six months to June 30.
Despite a difficult environment, the fruitgrower and packer said it expected to report an improved result for the full year.
Turners and Growers announced a pre-tax profit of $10.1 million for the six months, an increase of $1.5 million on the same period last year.
The company’s net profit after tax was affected by the government’s decision to remove the ability of companies to depreciate buildings for tax purposes.
Turners & Growers is a large property owner and the change caused a one-off, non-cash expense of $4.9 million.
After adjusting for the tax change, the the profit was $7.1 million compared with $6.0 million in the previous corresponding period.
“While the fresh produce industry has been impacted by events outside our control, at this stage we expect the year end forecast, excluding one-off tax adjustments, to be up on last year,” said Turners & Growers chairman, Tony Gibbs said.
