Seeka's revenue from ordinary activities went up by 12 per cent to $137 million, and its cash-operating profit was nearly $21 million.
"That's still a reasonable number," said Seeka chief executive Michael Franks. "But the impairments reflect a reduction in the value of assets across the board. They are non-cash writedowns."
Seeka's asset backing is still $3.50 a share compared with the current share price of $1.
The Psa disease broke out in the Te Puke district in November 2010 and most of the infected orchards are in the Bay of Plenty region.
Seeka said its results for 2011 compared with a previous nine-month period due to a change in its balance date.
Earnings before interest, tax, amortisation, fair value adjustments and asset revaluations (ebitdaf) rose 4.6 per cent to $20.8 million compared with the previous corresponding period of $19.9 million.
Seeka said it was continuing to comply with all banking covenants and reduced debt by $9.3 million to $30.7 million.
Mr Franks said the company, which did not declare a dividend, had taken steps to reshape its business in response to the Psa disease and was continuing to work with orchard owners over developing long-term leases.
"We will continue to operate in the orcharding business and we now have to think about grafting the new G3 gold variety, understand what it means, and look at extending terms. Each lease is an investment in its own right," he said.
A restructuring process was completed in 2011 and 44 positions were removed from the company.
"While some progress is being made, Psa remains the cause of continuing uncertainty," Mr Franks said.
He said Seeka would maintain a "fiscally prudent" approach and would make debt repayment a priority.
It is also looking forward to another steady season. Seeka, which has a 22-25 per cent market share, expects to handle 21-22 million trays of kiwifruit, compared with 25.5 million last year. The gold kiwifruit supply is expected to drop from 6.4 million trays to 2.5-3.5 million.
"We are reasonably satisfied," said Mr Franks. "We've had a good level of sign-ups and grower commitment for 2012." Seeka will soon receive kiwifruit from 600 growers in the Bay and Coromandel.with APNZ