By ELLEN READ
Turners & Growers has posted a pre-tax profit of $5.3 million for the six months to June 30 - the first combined trading period for the newly amalgamated Turners and Enza.
"The company has booked a modest profit for the first half year, which is encouraging as the consolidation
and restructuring of the enlarged group continues," chairman Tony Gibbs said.
No interim dividend was paid and the board will decide on a final payout at the end of the year.
Due to restructuring, the splitting-off of Turners Auctions on May 1 last year and the acquisition of the Enza group seven months later, financial comparisons with the previous period were not given.
Gibbs said that although fresh fruit and vegetable retail prices were steady over the first six months of the year they continued to lag behind increases in the overall food group.
That had serious implications for the industry, which was facing steadily increasing fixed costs, he said.
The fresh flower industry suffered due to weak consumer demand domestically and in key export markets, which were being reviewed.
The fruit case company was profitable and performed above budget.
On exports, Gibbs said the amalgamation of Enza and Turners was starting to show benefits in the combined results.
This year's pipfruit crop was hit by bad weather but firm selling prices helped balance that.
The company's property portfolio made a positive contribution, Gibbs said.
"Negotiations continue on disposal or re-letting of other un-required property assets."
He expected a "satisfactory" result for the group's first combined year.
No mention was made of a likely listing date.
Gibbs said the listing could be as late as the second quarter of next year.
