11 Aug 2014

Profit fall for Turners & Growers

10:01 am on 11 August 2014

Turners & Growers has seen its half year net profit fall by 38.7 percent to just above $10.2 million,

It has identified the outstanding quality of this season's New Zealand apple crop as a factor in that.

Turners and Growers has seen its half year net profit fall by almost 39 percent.

Turners and Growers has seen its half year net profit fall by almost 39 percent. Photo: PHOTO NZ

The company said its processed foods division under-performed with fruit available for processing at a record low, due to the apples harvested being so good that a very high percentage was exported.

Turners & Growers said its international division's revenue also fell 13 percent in the six months ended June, because of a big drop in volumes of New Zealand-sourced cherries, berries and stonefruit and supplies of stonefruit and grapes from Chile hit by spring frosts.

However, the fruit and vegetable company is expecting trading in the second half of the year will be in line with last year.