T&G forecasts net loss of up to $19m on orchard writedowns

Turners & Growers, the fruit marketer controlled by Germany's BayWa Aktiengesellschaft, changed its guidance and is now forecasting a full-year loss, reflecting a writedown of its orchards.

"Early indications are that there will be write-downs, particularly of orchard properties and biological assets," the company says in a statement.

"As a result, the after-tax loss is forecasted to be between $16 million and $19 million.

"Despite continued challenging domestic market conditions trading has been steady albeit it is marginally behind last year," it says.

In August, the company posted a 2.2% increase in first-half profit and said it was on track to improve its full-year operating result.

The shares, of which BayWa owns 73%, last traded at $1.56 and have declined 13% this year.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7785 -0.0048 -0.61%
AUD 0.8853 -0.0020 -0.23%
EUR 0.6219 0.0005 0.08%
GBP 0.4869 -0.0028 -0.57%
HKD 6.0413 -0.0333 -0.55%
JPY 87.4210 1.8540 2.17%

Commods

Commodity Price Change Time
Gold Index 1171.1 -27.000 2014-10-31T00:
Oil Brent 85.9 -0.380 2014-10-31T00:
Oil Nymex 80.5 -0.520 2014-10-31T00:
Silver Index 16.1 -0.310 2014-10-31T00:

Indices

Symbol Open High Last %
NZX 50 5370.2 5405.3 5370.2 0.33%
NASDAQ 4639.4 4641.5 4566.1 1.41%
DAX 9283.4 9339.3 9114.8 2.33%
DJI 17208.8 17395.5 17195.4 1.13%
FTSE 6463.6 6553.4 6463.6 1.28%
HKSE 23913.7 24046.4 23702.0 1.25%
NI225 15817.1 16533.9 15658.2 4.83%