Te Puke-based Seeka Kiwifruit Industries Ltd has announced an after-tax profit of $2.7 million for the financial year ended December 2013, down on the previous year's $5.8 million.
However, Seeka chief executive Michael Franks said in the context of the downturn in the kiwifruit sector and tighter margins as a result of Psa, he was delighted with the result.
"We feel like we dodged a bullet," said Mr Franks. "We're reasonably satisfied with the result and certainly ahead of where we expected to be."
NZX-listed Seeka's guidance to shareholders in October last year anticipated a profit before tax of $1.7 million to $2.2 million, compared to the actual result of $3.3 million, while earnings before interest, tax, depreciation and amortisation came in at $9.9 million, compared to the guidance range of $8.2 million to $8.7 million.
The company reported earnings of 19 cents per share for the year, and at the year's end each share had a net tangible asset backing of $4.05 and on December 31 a market price of $2.10. The directors had reinstated the dividend, declaring a full year fully imputed dividend of 13 cents per share.