Turners and Growers' profit fell by a third to $6 million in the six months to June.
The company says while last year's result was swollen by one-off gains, this year has been hit by lower prices and weak demand for fresh fruit in New Zealand.
In contrast, apple sales abroad benefited from a weaker New Zealand dollar.
Chief executive Jeff Wesley says export markets are still difficult, but he is expecting a reasonable second half of the year.
Jeff Wesley says the company is restricting capital spending for the rest of the year in a bid to reduce debt levels.