25 Nov 2010

Rise in half year profit for Seeka

12:28 pm on 25 November 2010

Post-harvest kiwifruit operator Seeka has increased its half year profit by a third due to higher prices and the purchase of another packing house.

The company made a profit of $11 million in the six months to September, an increase of 36% on the same period a year ago.

Sales rose 16% to $110 million, with higher volumes of green and gold kiwifruit being processed, fewer losses and higher prices for both varieties.

Earlier this month, Seek saID some Te Puke orchards that supply it with fruit have the PSA bacterial infection, though the impact accounted for about 2% of its total kiwifruit supply.

Looking ahead, Seeka expects to make between $11.5 million - $12.5 million in the nine months to December, compared with $9.8 million in the same period a year ago.

The company will shift its financial year from March to December.