Apple Fields loss grows

Orchardist-turned-property developer Apple Fields yesterday reported a $365,000 loss for the 2005 financial year compared with a $30,000 loss the previous year.

Apple Fields said the bigger loss was because of property development costs, costs related to a zoning case before the Environment Court and the payment of outstanding directors' fees.

During the year, Apple Fields bought two-thirds of the shares in Takamatua West, which owns a residential development near Akaroa.

Apple Fields has also arranged to buy the outstanding shares of Takamatua West from a third party.