15 Mar 2011

Satara profit falls

2:10 pm on 15 March 2011

Kiwifruit and avocado co-operative Satara's full year underlying profit has slumped.

The company lost $4.8 million in 2010. Excluding one-off items, including the sale of a coolstore, Satara made $106,000, compared to $932,000 in the previous year.

Revenue fell almost a quarter to $43.6 million.

Satara says it packed 8.5 million trays of fruit during the year compared to 10.9 million a year earlier.

The co-operative says the financial outlook is promising, and it expects to boost processing by 13% this year. It predicts it will process 9.6 million trays in the 2011 season.

However it warns the vine disease PSA remains a risk in the medium term.

Shares in Satara are listed on the stock exchange's alternative market, and last traded at $1.