T&G forecasts net loss of up to $19m on orchard writedowns
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.
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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)
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T&G forecasts net loss of up to $19m on orchard writedowns
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