Turners & Growers made a net loss of $899,000 on revenue of $106 million for the half year to December, compared with a profit of $3.72 million for the corresponding period in 2001.
The fresh produce company said pre-tax earnings were $173,000, and were higher still ($5.47 million) excluding depreciation.
The six-month
result excluded any contribution from vehicle auctioneer Turners Auctions, which was spun off in May.
"Profit has been further affected by one-off costs associated with the merger with Enza on December 31 and various one-off restructuring costs in the Fresh Division," chairman Tony Gibbs said.
The company would not pay a dividend but would review the matter when the outcome of Enza's current export season was more certain.
"The board is satisfied with progress on the merging of Turners & Growers, and Enza," Gibbs said. "There is still significant work ahead to achieve all the benefits available, but the directors are confident these will be substantially realised during the current financial year."
- NZPA
