Turners & Growers, the fruit marketer controlled by Germany's BayWa AG, posted a 2.2 per cent increase in first-half profit and is on track to improve its full-year operating result.
Profit rose to $7 million in the six months ended June 30, from $6.9 million a year earlier, the Auckland-based
company said. Sales increased 1.9 per cent to $478 million.
"Due to the group's strengthened relationships with the Asian markets and robust volumes in all the major produce varieties, the Turners & Growers Group is heading towards an improved full-year operational result over last year, accompanied by higher apple grower returns, providing a strong base for the future," the company said.
The New Zealand market traded "satisfactorily" in difficult times and all major markets "performed well", delivering a significant lift in prices, it said.
The introduction of a new management system meant the company benefited from improved market prices despite the high New Zealand dollar. That means apple growers' returns should be significantlybetter than in 2011.
