13 Aug 2010

Strong half-year result for produce company

6:17 am on 13 August 2010

Turners & Growers has made an after-tax profit of $7.1 million for the six months to the end of June.

That is more than $1 million up on the same period last year for the fresh produce company. Revenue fell just over 7% to $291 million.

Chairman Tony Gibbs says it is a good result in tough trading conditions this year.

A hail storm in Hawke's Bay at the beginning of the season severely affected ENZA's pipfruit crop, reducing export volumes.

Mr Gibbs says a high New Zealand dollar also eroded gain made from higher prices in overseas markets.

Turners & Growers predicts its year-end forecast to also be up on last year.

Shares in Turners & Growers fell 5 cents to $1.40 on Thursday.