31 Aug 2011

NZ dollar strength limits returns to pipfruit growers

5:48 am on 31 August 2011

Turners & Growers says the high New Zealand dollar is restricting returns to pipfruit growers but the recently-opened market for apple exports to Australia should provide some respite this year.

The company made $6.9 million in the six months to the end of June, more than triple what it made in the same period a year earlier when it was hit by a one-off tax charge.

Underlying profit rose slightly and revenue rose 13% to $331 million.

Managing director Jeff Wesley says domestic trading is reasonably good, but the high New Zealand dollar is crimping export returns, especially in the US and Europe.

Mr Wesley says that, assuming Australia's biosecurity officials cooperate, 1 million cartons of apples could be exported across the Tasman in the next year.