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.