Kiwifruit grower and handling giant Seeka is sticking to its earnings guidance provided in August of between $11.5 million and $12.5 million despite the threat facing the industry from vine killing bacteria Psa.
Seeka today released its interim results f
Kiwifruit grower and handling giant Seeka is sticking to its earnings guidance provided in August of between $11.5 million and $12.5 million despite the threat facing the industry from vine killing bacteria Psa.
Seeka today released its interim results for the six months to September 30 presenting a $15 million boost in revenue to $110 million compared with the same period the previous year.
The company’s ebitda was up nearly $7 million to $24.5 million against the same period a year ago. Interim profit after tax was $11 million compared with $8.2 million by September 30, 2009.
Earlier this year the company changed its balance date from March 31 to December 31 to better reflect the cycle of Seeka’s business.
Chairman Kim Ellis said in his statement to shareholders the guidance to December 31 of up to $12.5 million, compared with $9.8 million for 2009, was subject to any unknown impact that Psa might have on the valuation of its biological assets.
In its balance sheet, Seeka claimed biological assets worth $11.6 million on September 30.
Seeka processed 22.6 million trays of kiwifruit during the six months, but due to an early start to the season after dry weather, two million trays were packed in March, prior to the reporting period.
Seeka’s own orchards produced 10 million trays, up from 8.5 million the previous year.
