7 Dec 2012

Another loss forecast by fruit and vege company

11:45 am on 7 December 2012

Turners & Growers is flagging a similar loss to last year due to further writedowns of its orchards and other assets.

The fruit and vegetable company, which is 73% owned by BayWa of Germany, expects to lose between $16 - $19 million for the 2012 year.

Last year Turners & Growers reported a loss of $18.9 million due to large writedowns at its orchards.

It is undertaking a full revaluation of its assets.

While domestic market conditions remain challenging, the company says trading has been steady al though it is marginally behind last year.

Turners and Growers domestic flower auction business, FloraMax, is on the block, so the company can focus its efforts on the pipfruit sector.