NZ: slight rise in T&G profits in H1

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NZ: slight rise in T&G profits in H1

New Zealand-based fruit company Turners & Growers Limited (NZX: TUR) recorded a 2% rise in profit after tax to NZ$7 million (US$5.7 million) for the first half of 2012.

Strong international apple market prices - particularly for patented varieties Envy and Jazz - contributed to the result, while a changed foreign exchange management system was able to improve grower returns despite the New Zealand dollar's "relentless upward trajectory".

The half-year report mentioned high quality and pack-outs for the two varieties, while the Jazz apple market continues to grow in Asia, particularly in Thailand and Hong Kong.

"Shipment of a significant commercial volume of apples to Japan has been positively received by the market and there has been increased volume sent to the Chinese market," the report said.

The German-owned company's Delica Group showed particular strength, with New Zealand apple volumes to Asia up by 34% year-on-year.

Kerifresh produced its first substantial ENZAGold kiwifruit crop this season.

"A good level of marketing co-operation with Zespri has occurred, and the variety has been particularly well received in Australia, China and the USA. The focus remains on maximizing the crop yield and quality and development continues with ENZA kiwifruit varieties and blueberries."

T&G expects an improved full year operational result based on strengthened relationships with Asian markets and robust volumes in all major produce varieties.

Photo: T&G

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