14 Aug 2009

Turners and Growers' profit falls

10:59 am on 14 August 2009

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.