+33 680 38 14 46
Earnings of New Zealand Seeka will be hit by lower kiwifruit returns
New Zealand
Saturday 01 September 2007
Seeka Kiwifruit Industries, New Zealand's largest kiwifruit grower, warned investors today to expect lower profits due to a significantly lower forecast from Zespri compared to last year.
The Zespri forecast for kiwifruit reflected the high New Zealand dollar, along with increased crop volumes and market competition.
"The volatility of the currency had made it difficult for Zespri to forecast accurately, however the current Zespri forecast tray returns would adversely affect growers right across the industry," the company said.
It would provide further guidance once it had fully completed its analysis of the forecast and when it can reliably predict the full year impact.
Zespri said yesterday kiwifruit returns were set to fall by around 12 percent in 2007/08 due to a high New Zealand dollar, tougher competition and high volumes of fruit.
The Zespri forecast for kiwifruit reflected the high New Zealand dollar, along with increased crop volumes and market competition.
"The volatility of the currency had made it difficult for Zespri to forecast accurately, however the current Zespri forecast tray returns would adversely affect growers right across the industry," the company said.
It would provide further guidance once it had fully completed its analysis of the forecast and when it can reliably predict the full year impact.
Zespri said yesterday kiwifruit returns were set to fall by around 12 percent in 2007/08 due to a high New Zealand dollar, tougher competition and high volumes of fruit.
